Bitcoin’s blitz above $66k bolsters altcoin gains
Bitcoin recorded one of its best trading days in nearly two months, galvanizing market sentiment and capital deployments.
According to CoinMarketCap, six cryptocurrencies posted double-digit price gains as Bitcoin (BTC) zoomed past $66,000 in the last 24 hours and grew over 6% on May 15.
At press time, data showed that Fantom (FTM), Sei (SEI), Immutable (IMX), Core (CORE), THORChain (RUNE), and Sui (SUI) each boasted increases of more than 10% in token price.
QCP Capital: Bullish Bitcoin signs afoot
Following Bitcoin’s break above current levels, QCP Capital highlighted signals that may indicate bullish momentum for risk assets and the cryptocurrency market.
The company cited encouraging economic data from the U.S. Federal Reserve, which suggests that the Fed has succeeded in containing inflation concerns. After the news, QCP Capital noted sizable buys for $100,000 to $120,000 call options scheduled to expire in December.
Additionally, multiple state-backed and private institutions have disclosed holdings in spot Bitcoin ETFs. This development could catalyze crypto market movements, as the BTC supply has been halved since last month.
“Institutional demand for the BTC continues to grow with large asset managers Millennium and Schonfeld investing approximately 3% and 2% of their AUM into the BTC spot ETF,” QCP Capital researchers wrote via Telegram.
