Bitcoin breaks $30,000, sparking hopes of a new crypto bull market

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(Kitco News) – Sentiment across the crypto ecosystem is jubilant as Bitcoin has climbed above $30,000 for the first time since last June, signaling to many that a fresh bull market may indeed have begun and it’s only a matter of time before the top the crypto. reaching new all-time highs.

While the crypto market was firing on all cylinders, activity for US stocks was mixed as investors awaited the latest CPI data from the Fed before committing to holding any long-term positions. At the close of trading, the S&P was unchanged on the day, while the Dow rose 0.29% and the Nasdaq fell 0.43%.

Data provided by TradingView shows that an early morning surge in Bitcoin (BTC) lifted the top crypto above $30,000, with bulls managing to push it to a daily high of $30,662 in the afternoon before the price retreated to support near $30,200.

BTC/USD 1-Day Chart. Source: TradingView

The rising price of BTC resulted in April bitcoin futures prices hitting a contract high in early US trading, according to Kitco senior technical analyst Jim Wyckoff.

“The market has seen a bullish upside breakout from the sideways trading area at higher levels, to restart a price uptrend,” Wyckoff noted. “BC bulls have the solid overall near-term technical advantage and have re-energized to suggest even more near-term upside.”

Wyckoff is not alone in that the upward trend in prices has started again. Commenting on Kitco Crypto, Katharine Wooler, Business Unit Director at Coincover noted that “BTC’s 10-month high should be confirmation that we are seeing a return of a crypto bull market.”

“Since the start of 2023, the crypto market has faced regular turmoil in the form of regulatory challenges and the collapse of crypto companies that indicate broader systemic problems,” Wooler said. “However, despite this, the market continues to perform well against all odds, with BTC up 81% and ETH up 55% respectively since the beginning of the year.”

Wooler pointed to the “sudden” emergence of a banking crisis in recent weeks as a motivating event. “Investors have a renewed optimism in crypto as a worthy alternative investment to the traditional banking system,” she said.

She went on to say that a lack of regulation is now “the only barrier between digital assets and mainstream adoption”, suggesting that “the financial authorities need a new approach”, as it appears that “the modus operandi is to dish out aggressive litigation that a way to test regulation written in the 1930s, and try to apply it to the modern phenomena that is the diverse crypto industry.”

“Crypto firms are already showing their willingness to cooperate by participating in consultations, implementing robust KYC/AML policies, and introducing transaction monitoring and other protective technologies,” she said. “The ball is now firmly with the regulators.”

The uptrend continues for the altcoin market

The altcoin market enjoyed another day of big gains, including a trio of double-digit winners to lead the field.

Daily performance in the cryptocurrency market. Source: Coin360

RSK Infrastructure Framework (RSK) registered the biggest gain of the day with an increase of 20.84%, followed by a gain of 14.21% for Render Token (RNDR) and a 12.43% increase in the price of Solana (SOL ).

The total cryptocurrency market cap is now $1.23 trillion, and Bitcoin’s dominance rate is 47.3%.