Veröffentlicht von • Bitcoin has set a new yearly high with expectations that it will go much higher.
• The bullish environment may have been caused in part by the CEO of Blackrock, Larry Fink, saying that Bitcoin was „digitising gold“.
• Other cryptocurrencies such as Solana and Stacks could benefit from the Bitcoin narrative.
Bitcoin Sets New Yearly High
Bitcoin has set a new yearly high with expectations that it will go much higher. This is likely due to bullish statements made by Blackrock CEO Larry Fink on national TV yesterday where he said that bitcoin was „digitising gold“ and an “international asset”. This follows Blackrock filing for a Spot Bitcoin ETF along with some other large institutional entities.
Crypto Bull Market Building
The crypto bull market looks to be very much on this morning as bitcoin touches $31,500, a new high for this year. A break above this level and staying there for a few days would confirm the break and allow bitcoin to start traversing higher. Other cryptocurrencies such as Solana and Stacks could also benefit from the positive Bitcoin narrative.
Solana
Solana is one of those high riders today despite being labelled a security by the SEC and falling from its November 2021 high of $260 to as low as $8 in December of last year. A descending trendline suppressed the price since July of 2022 but a break above this line today could herald much greater things if confirmed.
Stacks
Stacks (STX) is another cryptocurrency to watch given it’s one of the only SEC-approved cryptocurrencies and one of the very few bitcoin layer 2s which enable apps to be built on top of bitcoin. It hit the 0.786 Fibonacci level yesterday and looks primed to go higher from here.
Disclaimer
This article is provided for informational purposes only; it is not offered or intended to be used as legal, tax, investment, financial or other advice