As the bull run continued, Bitcoin touched almost $ 29,000. The leading cryptocurrency has surged 8% in the past 24 hours and has risen to $ 28,900 in the latest rise from the $ 27,000 zone. Bitcoin is currently trading at $ 28,750 as the bulls fail to overcome the $ 29,000 resistance.

Weekly BTC price chart


While Bitcoin is based on $ 29,000, altcoins are not doing well
Altcoins are underperforming in this rise.

Ethereum has gained only 4% in the past 24 hours, underperforming Bitcoin’s rally. This has been a big trend of the past year and BTC has outperformed altcoins as it absorbs power in the altcoin market.

 

VanEck’s ETF move was effective

This rise may be largely due to the combination of investors entering the cryptocurrency market. Where retail investors often raise altcoins, institutional players have focused their efforts on Bitcoin.

The latest rise came as it emerged that digital asset-friendly exchange-traded fund company VanEck filed for a Bitcoin ETF with the Securities and Exchange Commission. The firm announced that an exchange-traded fund (ETF) based on Bitcoin will be retried. VanEck filed an application with the US Securities and Exchange Commission (SEC) for “VanEck Bitcoin Trust”.

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