Bitcoin blitz above $66,000 bolsters altcoin gains

Bitcoin recorded one of its best trading days in nearly two months, boosting market sentiment and capital mobilization.

According to CoinMarketCap, six cryptocurrencies have recorded double-digit price gains like Bitcoin (Bitcoin) surpassed $66,000 in the last 24 hours and grew more than 6% on May 15.

To date, data has shown that Fantom (FTM), Know (KNOW), immutable (IMX), Essential (ESSENTIAL), THORChain (RUNE) and Sui (SUI) each boasted increases of over 10% in token price.

May 16th biggest earners | Source: CoinMarketCap

QCP Capital: Bitcoin bull signs underway

After Bitcoin broke above current levels, QCP Capital highlighted signs that could indicate bullish momentum for risk assets and the cryptocurrency market.

The company cited encouraging economic data from the US Federal Reserve, which suggests the Fed has managed to contain inflation concerns. Following the news, QCP Capital noted considerable buying of $100,000 to $120,000 call options scheduled to expire in December.

Furthermore, several supported by the state and private institutions have disclosed holdings in spot Bitcoin ETFs. This development could catalyze crypto market moves as the supply of BTC has been halved since last month.

“Institutional demand for BTC continues to grow with large asset managers Millennium and Schonfeld investing approximately 3% and 2% of their AUM in the BTC spot ETF,” researchers at QCP Capital he wrote via Telegram.

BTC Chart | Source: TradingView

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