Indonesian Crypto Transactions Surge to Rp52.26 Trillion in April 2024

JAKARTA, RAKYAT NEWS—The cryptocurrency market has recorded significant gains recently. The approval of the US spot Ethereum ETF by the US Securities and Exchange Commission (SEC) has boosted Bitcoin and most altcoins over the past week, driving increased optimism among investors.

In the final week of May, Bitcoin’s price briefly reclaimed the US$70,000 level, equivalent to around Rp1.12 billion, driven by strengthening European markets and expectations of interest rate cuts by the European Central Bank (ECB). However, this rise was short-lived, and Bitcoin fell back below the US$70,000 level amid a downward trend.

Fyqieh Fachrur, a trader from Tokocrypto, explained that Bitcoin needs to maintain its position above the key support level of US$66,000, or about Rp1.06 billion, to preserve its bullish momentum. However, challenges such as the US Personal Consumption Expenditures (PCE) inflation data and numerous public speeches by Federal Reserve officials could dampen positive market sentiment.

“This week, all eyes are on the series of speeches by Federal Reserve officials, anticipated to provide insights into future US interest rate policies. Meanwhile, market participants are eagerly awaiting signals amid indications of declining US inflation,” Fyqieh said.

Currently, Fyqieh noted, investors and traders are starting to speculate about the potential start of an altseason, triggered by a recent surge in total altcoin market capitalization. Ethereum (ETH) is leading the altcoin rally alongside various memecoins. ETH has seen a significant increase, with its price reaching around US$3,991 (Rp64.2 million), up 27% over the past week.

According to TradingView data, the total altcoin market capitalization now stands at approximately US$1.16 trillion, marking a 15% increase over the past two weeks. This surge is approaching the resistance level seen in mid-March when market capitalization reached US$1.2 trillion.