Bitcoin has been on a bull run recently and analysts are positive that it will continue. It has been up 12.7% from the previous week as of Friday. Other cryptocurrencies such as dogecoin and Ethereum also show a positive trend upward.
It is still far away from when it last peaked in February of this year. At the time it was priced at $64,863, at the time of this writing it was standing at $54,935.40. It’s still quite some distance from that figure.
Analysts and traders assume that one of the key drivers is the inflow of institutional money into the market. Large institutions are of the notion that the SEC will approve the first bitcoin futures exchange-traded funds in the upcoming weeks.
Given how strict the SEC has been over the last few months on crypto. If this materializes, it will be good news for the crypto community and a step in the right direction.
At the moment, the question that is being asked is whether it will pass that peak sometime this year? If the SEC holds true to their word it might be possible as other investors will see this as a sign of acceptance.
Expect more regulations to come as certain areas of the market can still leave customers with unpredictable risks.
