The cryptocurrency market is currently witnessing an impressive surge, leaving investors and enthusiasts excited about the potential for further price increases. Over the past 24 hours, Bitcoin has experienced a notable uptrend, with its price soaring by more than 8%.
The positive momentum of Bitcoin has had a ripple effect on other major cryptocurrencies such as Cardano, Litecoin, and Ether. These digital assets have also witnessed notable gains of up to 5%, marking one of the most significant single-day increases observed this month.
According to a new YouTube video by Altcoin Daily, Cardano, Ethereum, Polygon, and Binance Smart Chain are currently undergoing significant protocol upgrades, making it crucial for altcoin holders to pay attention to these updates. He said that while some may think that cryptocurrency is facing challenges due to regulatory actions, there is still significant investment flowing into blue-chip digital assets.
Recent data from Glassnode revealed that both Bitcoin and Ethereum are experiencing a decrease in selling pressure and an increase in accumulation. In just one week, Bitcoin saw net outflows from exchanges amounting to almost $400 million, indicating a reduction in selling pressure. A similar trend can be observed with Ethereum, which experienced a net outflow of nearly $1.1 billion during the same period.
Despite regulatory concerns, major financial institutions are embracing the potential of cryptocurrencies. Deutsche Bank, one of the world’s largest banks, recently filed an application for a crypto custody license. This move shows the growing mainstream adoption of digital assets by traditional financial players.
Additionally, an institutional crypto exchange called EdX, backed by giants like Fidelity, Schwab, and Citadel, has been launched. This exchange focuses on catering to institutional traders and aims to provide spot trading activities for Bitcoin, Bitcoin Cash, Litecoin, and Ethereum.
Meanwhile, Cardano has recently deployed a major upgrade on its mainnet to reduce epoch transitions. This improvement aims to make the Cardano blockchain smoother for network users. Despite facing regulatory challenges in the United States, Cardano’s global presence allows it to continue its development and attract a global user base.
Source: https://coinpedia.org/bitcoin/bitcoins-recent-surge-has-had-a-ripple-effect-on-major-altcoins-whats-next/