Bitcoin was back in action on Tuesday as the largest crypto asset surged above $30,000 for the first time since June 10, 2022. The latest banking turmoil has kept investors away, who have grown more optimistic about the monetary policy of the US central bank. A sharp rise in Bitcoin pushed sentiment and other tokens higher.
Bitcoin was the biggest gainer among the top crypto tokens and jumped over 6% to break above the $30,000 mark. Its largest peer, Ethereum, also jumped over 3% to hit the $1,900 level. Altcoins were also trading with strong gains, but underperformed their major counterparts.
After trading in a tight range for about 10 days, Bitcoin broke through $30,000 for the first time since June last year. The Crypto Fear and Greed Index has risen 6 points since yesterday, hitting 68 and moving towards greed, as of April 11. At the heart of the bullish sentiments can be seen in the crypto markets, said Parth Chaturvedi, Head of Crypto Ecosystem, CoinSwitch.
“Ethereum will complete its two-year transition to proof-of-stake with the launch of the Shapella upgrade, which is scheduled for Wednesday. The market remains primarily focused on staked ETH withdrawals. staking level of ETH, potentially attracting new capital for rewards, but some fear an oversupply from the sale of locked-up ETH, he said.
Not just Bitcoin or Ethereum, but all major crypto tokens were also trading sharply higher on Tuesday. Solana and Litecoin zoomed over 4% each, followed by over 3% gains in BNB and Cardano each. Polkadot, XRP and Polygon also saw strong gains.
The global cryptocurrency market capitalization was trading sharply higher, around $1.23 trillion, rising more than 4% in the past 24 hours. However, the total trading volume increased by more than 50% to $45.02 billion.
Note: price change in the last 24 hours
Technical view by WazirX Trade Desk
Injective Protocol (INJ) is a Layer 1 blockchain that provides open and interoperable functionality for building robust DeFi applications. It uniquely provides plug-and-play financial infrastructure building blocks, including high-performance decentralized exchange infrastructure, decentralized bridges, oracles, and smart contract layer.
INJ has been trading above the 20-week moving average for the past few months while maintaining a healthy RSI of around 60. The weekly trend for Injective has formed a distinctive Double bottom pattern with an uptrend that has been going on since the beginning of this year. The next resistance is expected at the $5.6 level and immediate support is expected at the $3.8 level.
(The opinions and recommendations given in this section are those of the analysts and do not represent those of Business Today. Please consult your financial advisor before taking a position in any asset(s) mentioned.)