Bitcoin Leads Ethereum, XRP, Solana, and Co Positively into May
The crypto market has been going through wild impulses since mid-March, and “Uptober” has also brought many profitable trades for investors. As May begins, Bitcoin is leading the major altcoins into positive terrain. Can crypto continue its upward momentum for May?
Since April, Bitcoin has gained almost 10 percent in value. This growth is echoed by the entire altcoin judging by market capitalization. While the stock market shows no clear direction and is seized with worries about bank liquidity, interest rates, and economic data, Bitcoin is on the rise largely due to the debate about ETFs on BTC and optimism on Bitcoin spot ETFs for the USA.
In this context, the “Bitcoin rises and leads the markets” principle often seems to be playing out again. Ethereum traditionally fares well when Bitcoin shows strength, and the smart contract competitor Solana also reflects this positive development. Other altcoins such as Binance Coin (BNB), XRP, and Cardano (ADA) are still trailing their price lows of 2022 and are significantly below their all-time highs.
Bitcoin Price Potential and Prediction for May
A look at current data shows that potential outflows of wallets of institutional investors are not noticeable. A positive sign is the reoccurring rumors about a new Bitcoin spot ETF, specifically the current attempt by asset manager Grayscale, which this time has grown with influential investors like BlackRock and gets support; the higher courts have ordered the SEC to reevaluate Grayscale’s application.
Also, Bitcoin adoption is spurred by mutually beneficial applications and a trend that gives Bitcoin institutional investors the opportunity to hold positions on regulated platforms. In German-speaking regions, the crypto trade profit calculator CoinTracking is a popular tool to track price gains and losses.
However, many experts foresee that May cannot maintain the intensification of gains from October, which might lead to short bursts instead. Concerns about financial markets will not simply dissipate, nor will public sentiment regarding Bitcoin and company immediately shift to the positive. Nevertheless, the present optimism should sustain the market, especially since Bitcoin firmly holds its ground during these critical times.
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