After a few weeks of bearish trends, Bitcoin is back in the green! The price of the world's most popular cryptocurrency hit a nine-month high of around $28,440 last week. And it's not just Bitcoin that's seeing a surge in prices. Ethereum and Binance Coin have also increased by over 11% and 15%, respectively, in the past week.
So, what's driving this bullish sentiment in the crypto market? Well, it turns out that the global banking sector is currently experiencing a meltdown, leading to rising inflation. This has caused investors to turn to Bitcoin as a potential hedge against inflation.
The recent news of Credit Suisse being saved through government intervention has further boosted investors' confidence in Bitcoin's capabilities to fight inflation. Chairman of the Board of Directors of Credit Suisse, Axel P. Lehmann, stated that the UBS merger was the best outcome for all stakeholders at the moment. On the other hand, UBS Chairman Colm Kelleher said that the acquisition would help advance the company's agenda and save the financial markets from further catastrophic losses.
As long as the $25k macro downtrend breakout holds in the monthly close, popular crypto analyst Rekt Capital believes that Bitcoin's bullish sentiment will hold. If this happens, we can expect a spike in cash flow to altcoins in the coming weeks.
What's particularly interesting is that the rising Bitcoin trajectory has rejuvenated hopes of reaching $30k before hitting $10k again in the near term. This is great news for those who are holding Bitcoin and hoping for a profitable return on their investment.
But what about those who are looking for new investment opportunities? Well, there are many altcoins that are worth keeping an eye on. According to Bitboy Crypto, Singularity DAO and Fetch.ai are two top AI coins to watch. Singularity DAO is particularly interesting as it aims to empower developers and researchers to build AI applications that are transparent, decentralized, and accessible to everyone.
Overall, the potential of AI in crypto is not limited to these projects alone. Many other projects are also working on integrating AI into their networks, such as Ocean Protocol, Numeraire, and Iexec RLC. It's exciting to see the increasing role of AI in the cryptocurrency space and the potential it holds for the future.
In conclusion, the recent surge in Bitcoin's price is a positive sign for the crypto market. As long as the $25k macro downtrend breakout holds, we can expect more bullish sentiment in the coming weeks. And with the rise of AI coins, there are plenty of investment opportunities to explore beyond Bitcoin.
Will Bitcoin continue this rally for long term?