Shiba

Bitcoin ETF

Bitcoin

Shiba Inu

Grayscale Bitcoin Trust

Crypto Price Prediction: The <a href="https://coingape.com/cryptocurrencies-with-most-potential/">cryptocurrency</a> market has been witnessing a renewed buying interest since Thursday following the Bitcoin price reversal from $56500. The bullish turnaround has uplifted the BTC price to $63169, registering a 6% increase since yesterday. The altcoin market also experienced significant gains, with Top assets Ethereum (ETH) and Solana (SOL) increasing by 4% in the last 24 hours. Toncoin (TON) and Avalanche (AVAX) saw jumps of 5-7% while leading meme coins Dogecoin and Shiba Inu posted double-digit gains. 
The buying momentum can be attributed to the lack of follow-up from the $60000 support breakdown and notable inflow from spot BTC ETF. 
On May 3, 2024, the <a href="https://coingape.com/hong-kong-bitcoin-etfs-accumulate-258m-btc-in-debut-week/">Bitcoin ETF</a> market witnessed a significant influx, with a net inflow of $343 million after seven days of declines, according to SpotOnChain. The Grayscale Bitcoin Trust (GBTC) recorded its first-ever single-day inflow of $63.0112 million. Leading the inflows, Fidelity Wise Origin Bitcoin Fund attracted $102.6 million, while BlackRock iShares Bitcoin Trust saw a more modest $13 million. This uptick could indicate renewed investor confidence or strategic buying within the Bitcoin ETF sector. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/hashtag/ETF?src=hash&amp;ref_src=twsrc%5Etfw">#ETF</a> Net Inflow May 3, 2024: +$343M! 
 • <a href="https://twitter.com/hashtag/Grayscale?src=hash&amp;ref_src=twsrc%5Etfw">#Grayscale</a> Bitcoin Trust <a href="https://twitter.com/search?q=%24GBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$GBTC</a> experienced the first single-day inflow since its inception. 
 • The net inflow turned positive after being negative for 7 consecutive trading days. 
 • 8/10 <a href="https://twitter.com/hashtag/BitcoinETFs?src=hash&amp;ref_src=twsrc%5Etfw">#BitcoinETFs</a> experienced inflows, led by… <a href="https://t.co/PsJUMyeHPy">pic.twitter.com/PsJUMyeHPy</a> 
 — Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1786578433612390802?ref_src=twsrc%5Etfw">May 4, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
With the relief rally gaining momentum for sustainable recovery, the potential buyers can hunt for new long opportunities at top assets like Ethereum (ETH), Cardano (ADA), and Shiba Inu (SHIB). 
Also Read: <a href="https://coingape.com/blog/bitcoin-price-3-factors-that-could-push-btc-price-to-100k/">3 Factors That Could Push Bitcoin Price to $100k</a> 
<h2 id="b-1-ethereum-eth-b">1)Ethereum (ETH)</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/y/yzuNa691.png" alt="BITSTAMP:ETHUSD Chart " width="1946" height="893">
 <figcaption class="wp-caption-text">
 Ethereum (ETH)| Tradingview
 </figcaption>
</figure> 
<a href="https://coingape.com/ethereum-etfs-may-rejection-looms-analysts-eye-august-approval/">Ethereum</a> (ETH) is a decentralized platform that enables developers to build and deploy smart contracts and decentralized applications (dApps). With a market cap of $373.5 Billion, Ethereum stands as the second-largest cryptocurrency. 
Over the past three weeks, the <a href="https://coingape.com/price-predictions/ethereum-eth-price-prediction/">Ether price</a> traded entirely sideways resonating within two horizontal levels of $3282 and $2870. Amid the renewed buying interest in the broader market, the ETH price rebounded 11.9% from the aforementioned low to currently settle at $3149. 
With a modest drop of 3.5%, the 24-hour trading volume is wavering at $11.9 Billion, indicating the asset is yet to pick sufficient bullish momentum. Thus, for buyers to regain better control over this coin, they need to escape the range of the wedge pattern(market with two blue trendlines). 
A successful breakout will intensify the <a href="https://coingape.com/ethereum-price-whales-move-36k-eth-price-regains-momentum-what-next/">ETH</a> price potential to rechallenge the $4090 top. 
Also Read: <a href="https://coingape.com/european-bank-with-600b-aum-invests-in-blackrock-bitcoin-etf/">European Bank With $600B AUM Invests In BlackRock Bitcoin ETF</a> 
<h2 id="b-2-cardano-ada-b">2) Cardano (ADA)</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/n/nIx7fPes.png" alt="BINANCE:ADAUSDT Chart " width="1946" height="893">
 <figcaption class="wp-caption-text">
 Cardano (ADA)| Tradingview
 </figcaption>
</figure> 
<a href="https://coingape.com/cardano-ada-price-poised-for-a-parabolic-run-analyst-predicts-citing-historical-trends/">Cardano</a> (ADA) is a blockchain platform designed for sustainability and scalability through a research-driven approach. The prevailing correction trend in <a href="https://coingape.com/charles-hoskinson-claps-back-at-michael-saylors-ada-claims/">ADA</a> price has found a suitable bottom at the $0.42 support. 
A bullish turnaround from this floor has uplifted the altcoin value by 13.5% in four days to currently trade at $0.47. As per the coinmarketcap, the market cap of Cardano surged to $18.9 Billion, while the 24-hour trading volume is recorded as $293.5 Million. 
An analysis of the daily chart shows the recent upswing as the formation of a bullish reversal pattern called Double bottom. Under the influence of this pattern, the <a href="https://coingape.com/price/cardano/">Cardano price</a> is likely to breach the swing high resistance of $0.52, marking an initiated change in the market dynamic. 
The post-breakout rally could allow buyers to chase a potential target of $0.62, followed by $0.684 and $0.81. 
Also Read: <a href="https://coingape.com/markets/cardano-price-analysis-bottom-at-0-4-sees-ada-rally-15/">Cardano Price Analysis: Bottom Formation at $0.4 Sees $ADA to Rally 15%</a> 
<h2 id="b-3-shiba-inu-shib-b">3) Shiba Inu (SHIB)</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/t/TFkobcps.png" alt="BINANCE:SHIBUSDT Chart " width="1946" height="893">
 <figcaption class="wp-caption-text">
 Shiba Inu (SHIB)| Tradingview
 </figcaption>
</figure> 
<a href="https://coingape.com/markets/shib-price-forecast-why-spiking-whale-activity-could-propel-shiba-inu-to-0-0001/">Shiba Inu</a> (SHIB) is a meme cryptocurrency that originated as a playful alternative to Dogecoin, leveraging the same Shiba Inu dog breed as its mascot. In the last three weeks, the <a href="https://coingape.com/price-predictions/shiba-inu-shib-price-prediction/">SHIB price</a> has showcased strong sustainability above $0.000002, with the assistance of a $100-day EMA slope.&nbsp; 
The dual support aligned with the recent market recovery has surged this memecoin value 23% to reach the current trading price of $0.00000254. This buying pressure is further accelerated by a remarkable 1009% surge in Shiba Inu’s burn rate over the past 24 hours, with 29.11 million <a href="https://coingape.com/shiba-inu-coin-shib-price-rallies-burn-rate-soars-1000-what-next/">SHIB</a> being destroyed. 
With sustained buying, the coin buyers should breach the immediate resistance of $0.000028, setting the stage to hit a potential target of $0.00003285, followed by $0.000038. 
Also Read: <a href="https://coingape.com/shib-news-211b-shiba-inu-dumped-coinbase-shib-price-topped/">SHIB News: 211B Shiba Inu Dumped to Coinbase, Has SHIB Price Topped?</a> 
<h2 id="span-style-font-weight-400-key-takeaway-span">Key Takeaway</h2> 
With the Bitcoin price recovery above $60000, the cryptocurrency market gained significant traction to lead a fresh relief rally. This resurgence has been mirrored in the altcoin sector, highlighting its potential to recover previously lost ground. With the market participants anticipating a post-halving rally soon, such a turnaround from the prior correction trend could offer suitable dip opportunities to potential investors. 
The post <a href="https://coingape.com/markets/crypto-price-prediction-4-5-inflows-into-etfs-recovery-in-bitcoin/">Crypto Price Prediction 4/5: Record Inflows into ETFs Fuel Fresh Recovery in Bitcoin</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Crypto Price Prediction 4/5: Record Inflows into ETFs Fuel Fresh Recovery in Bitcoin

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