Bitcoin (BTC) Traders Predict $28,000, Crypto Alts Solana (SOL), XRP, Cardano (ADA) Surge
Bitcoin (BTC) prices remained stable above the $27,000 mark on Friday despite mixed movements in broader financial markets. While global oil prices experienced a retreat after a surge, stocks in Asia and Europe saw slight gains during Asian afternoon hours.
The crypto market saw a boost as investors anticipated increased demand in the short term due to the announcement of a formal ether (ETH) futures exchange-traded fund (ETF) by financial giant VanEck. However, analysts cautioned about potential selling pressure on riskier assets like bitcoin, highlighting all-time highs in certain oil markets.
Some analysts estimated a 90% chance of the ETF receiving approval in the first week of October, which influenced bearish positions. This optimism in the crypto market appeared to positively impact major tokens, such as Solana’s SOL and Cardano’s ADA, which both saw gains of up to 4.5%.
Traders at Japanese exchange Bitbank indicated in their daily note that they expected bitcoin prices to rise towards the $28,000 level, citing the ETF optimism. Analyst Yuya Hasegawa shared, “Despite the SEC postponing their decision on approving or disapproving Ark, BlackRock, and Valkyrie’s bitcoin ETFs this week, the market’s hope for spot bitcoin ETF approval seems to have been revitalized following the Ether Futures ETF decision.”
While bitcoin remained in focus, Tellor’s TRB tokens continued their multi-week rally, surging 10% in the past 24 hours. Monthly gains for TRB amounted to over 250%, according to data from CoinGecko. Analysts at Coinalyze attributed the demand for TRB tokens to high funding rates on TRB futures, considering the absence of fundamental catalysts.
Funding rates refer to periodic payments made by traders on perpetual futures markets from one side of the trade to the other. These payments ensure that there are always participants on both sides of the trade. Traders employ sophisticated strategies to collect funding rates while hedging losses caused by token movements, potentially creating market imbalances and volatility.
Overall, bitcoin’s stability above $27,000 and the anticipation surrounding the formal ether futures ETF have injected optimism into the crypto market, potentially driving further gains in the coming weeks. However, analysts remain cautious about potential selling pressure and the impact of external factors such as oil prices on the market.
