The largest cryptocurrency by market cap has been on a steady rise in recent times, specifically up more than 12% since last Sunday on the heels of a broader asset rally and Luna BTC buying.

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Breakeven point of first bitcoin

Bitcoin (BTC) briefly surpassed its 2022 yearly breakeven point of $47,201, peaking at $47,524 before settling back into the $46,850 range in the early afternoon, according to the latest updated data.

Accordingly, the largest cryptocurrency by market capitalization increased by 5%. Bitcoin is up more than 12% since last Sunday after rising for six straight days.

In a report released Monday morning, Asia time, Singapore’s QCP Capital pointed to a broader rally in global asset prices as the reason why this “bullish momentum” is likely to continue into the future. short-term The fund also points to continued bitcoin purchases from Luna as a reason for this continued growth.

One notable buying stream this week was the purchase of 125 million USDT BTC by the Luna Foundation Guard (LFG). This purchase is part of a plan to systematically accumulate a total of $3 billion worth of BTC as a reserve for TerraUSD (UST).

Ether (ETH) and most other major cryptocurrencies are also in bloom. The second-largest cryptocurrency by market capitalization followed a similar pattern to bitcoin on Sunday and is changing hands at more than $3,250, its highest level since early February. Solana, Cardano, and Avalanche are among the altcoins that are also green. Popular meme coins, Dogecoin and Shiba Inu, have gained around 6% and 3%, respectively.

Trading has surged after weeks of low volume

“Volume volumes increase as buyers attempt to turn this resistance line into support and take further steps in pricing,” said Joe DiPasquale, CEO of BitBull Capital, but added: “If we’re not staying above this line, we’re consolidating lower here.”

DiPasquale says bitcoin has had “a strong week, especially as quarterly options expire,” and noted that bitcoin has “shown resilience” following the Federal Reserve’s decision to raise interest rates. Last week, the continued escalation of Russia’s invasion of Ukraine coincided with its economic downturn.

But he is also cautious in assessing the coming days. “While market participants are starting to turn bullish and the fear and greed indexes are neutral, the BTC bulls will want to see the price consolidate above $46,000 for further upside.”. “Next week is also important as it marks the end of the quarter and we could see increased volatility after that.”

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