Biggest Crypto Gainers Today on DEXTools – SAMBO, OBX

cryptonews.com:

The Bitcoin (BTC) bulls are back in the ascendency, with the world’s first and largest cryptocurrency by market capitalization recently pushing back to the north of the $35,000 once again amid gains of more than 3% in the past 24 hours.

Optimism about expected upcoming spot Bitcoin ETF approvals remains a tailwind for the market, but analysts are increasingly pointing at other bullish BTC narratives as driving the price increase.

For example, Bitcoin’s strong performance comes despite recent weakness in the US stock market, and the fact that long-term US bond yields remain close to multi-decade peaks – in recent years, Bitcoin had a positive correlation to stocks and negative correlation to yields.

That correlation was likely because many market participants had viewed Bitcoin as a speculative, risky investment.

But the narrative seems to be shifting toward Bitcoin being more of a safe haven against government and central bank largesse and geopolitical risks.

Traders will recall that Bitcoin saw a huge safe haven pump back in March on fears of the US banking system going under and, since then, leaders at major financial institutions like BlackRock’s Larry Fink have been touting Bitcoin as a safe haven asset like gold.

With stock and bond prices trending lower but Bitcoin moving higher, more and more macro/traditional investors will start to look at Bitcoin as an uncorrelated but strong-performing asset worth diversifying into.

Of course, there are plenty of other exciting narratives to get the Bitcoin bulls fired up in 2024, like the halving and the potential start of a Fed easing cycle, which could be viewed as inflationary, thus boosting scarce assets like Bitcoin.

It may not be long before Bitcoin surges above $40,000.

Elsewhe