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Bitcoin closes bullish week in high spirits

Published 17/05/2024, 13:01
Bitcoin closes bullish week in high spirits

Proactive Investors - Bitcoin (BTC) closed around 1.5% lower on Thursday, but that was not nearly enough to offset the remarkably strong performance on Wednesday when the world’s largest cryptocurrency penned its strongest green candlestick in nearly two months.

The gains returned today, with the BTC/USD pair adding 1.6% at the time of writing. Week on week, the pair is up 5% to $66,241.

Neil Roarty, analyst at investment platform Stocklytics, said bitcoin’s strong performance this week is “most likely linked to the growing consensus that much-anticipated interest rate cuts are finally around the corner”.

According to Roarty: “With central bankers worldwide seemingly in agreement that it’s time to slash interest rates, Bitcoin suddenly looks like a more appealing investment - particularly for those willing to take on some risk in search of a higher return.”

Ethereum (ETH), the second-largest cryptocurrency, dipped into the red over the past seven days, joining other underperforming altcoins including BNB, Toncoin (TON) and Tron (TRX).

Global cryptocurrency market capitalisation currently stands at $2.4 trillion, with bitcoin dominance at 54.4%.

Read more on Proactive Investors UK


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