Bitcoin has returned to exceed $35,000 again, recording its highest level in 17 months. This increase comes at a time when expectations are growing regarding the expansion of adoption of ETFs that hold cryptocurrencies, boosting public demand for Bitcoin.

The largest digital currency witnessed strong trading over the past few hours, reaching $35,578 before retreating slightly from this level. This level is considered the highest since May 2022.

On the other hand, Solana coin continued to consolidate its strong gains, reaching 30% in the last seven days.

Bitcoin has more than doubled this year in part on bets that the Securities and Exchange Commission might approve requests from companies like BlackRock to launch the first U.S. ETFs that invest directly in the popular digital currency.

Pivot line..a resistance point

Michael Safai, partner at private trading firm Dexterity Capital, said that this rebound is the result of the rapid movements we witnessed last week, during which the value of Bitcoin crossed the $35,000 mark. He pointed out that the resistance point has been strengthened at this level, in addition to the news of exchange-traded funds being sufficient to push the price towards $37,000.

For his part, Tiong Heng, CEO of Satori Research, explained that the $35,000 level is considered a pivot line and represented the resistance point during the last ten sessions. He added that this level usually represents an attractive point for the market so that it can advance towards the point that is difficult to exceed.

Solana coin has recorded a tremendous rise during the recent period, as it strives to achieve its independence from the previous figure in the world of digital currencies, Sam Bankman Fried. The Solana project is considered one of the blockchains that compete strongly with Ethereum in the main path of cryptocurrencies, seeking to obtain a greater share of digital asset activity.

Solana's rise in the past hours came after Amazon (NASDAQ:AMZN) for Web Services (AWS), the cloud computing initiative of Amazon, one of the leading companies in the field of e-commerce, announced the integration of Solana nodes into its platform. Through this integration, developers will have a robust infrastructure to develop and test block chain projects on the Solana network.

The total market value of cryptocurrencies has risen to $1.36 trillion, still below the peak of $3 trillion reached in 2021, according to Investing Saudi Arabia data.

Investor demand and liquidity have also dwindled from levels prevailing at the time, when stimulus packages and ultra-low borrowing costs fueled a bubble in digital asset prices.

“The relative lack of liquidity is the main impediment to strong inflows at the moment, but there are initial signs of increased interest from institutional investors, which will help address the liquidity challenge,” Noelle Acheson wrote in the CryptoEase Macro Now newsletter.

Cryptocurrencies now

The combined market value of the crypto market during these moments of today’s trading amounted to approximately $1.36 trillion. The trading volume reached approximately $59.57 billion.

Bitcoin rose during the last 24 hours to the levels of $25,235, by 2.4%, while recording weekly gains of 1.7%. Its market value now stands at $689 billion.

While Ethereum, which is the largest digital currency by market value after Bitcoin, rose by about 1.65% during the last 24 hours, to reach $1,827, with weekly gains of 0.22%, and a market value of about $220 billion.

The price of Binance Coin BNB/USD rose by 1.9% to record $229.

While Ripple gained approximately 2.1%, recording $0.60393.

Solana rose by 12.5% during the last 24 hours to $43,190, and by 30% during the last 7 days.

Cardano witnessed a decline to $0.3054, by 6.9%, while it rose during the last 7 days by 5%.

At the same time, Dogecoin rose to the level of $0.069468, by 3%.