Synopsis
“Bitcoin has reached a level above US$30,000, which it last saw in June of last year. This rise can be attributed to investor optimism towards this week’s U.S inflation data, which could potentially impact the Federal Reserve’s monetary policy trajectory,” Edul Patel, Co-founder and CEO at Mudrex, said
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Explore NowThe cryptocurrency markets were trading higher on Tuesday with an increase of over 4% in the crypto market cap in the last 24 hours. Bitcoin (BTC) rose 6.47% to $30,106, whereas Ethereum (ETH) was above the $1,900 level. BTC volume stood at approximately $23.35 billion, rising 87.02% in the last 24 hours.
“Bitcoin has reached a level above US$30,000, which it last saw in June of last year. This rise can be attributed to investor optimism towards this week’s U.S inflation data, which could potentially impact the Federal Reserve’s monetary policy trajectory,” Edul Patel, Co-founder and CEO at Mudrex, said.
“BTC has increased by 6% and is now facing fresh resistance at the US$30,500 level. In the event that BTC fails to overcome this resistance, the next support level would be at US$29,200,” Edul added.
Other top crypto tokens were also trading higher. Solana jumped nearly 10%. BNB, XRP, Litecoin and Cardano also traded with gains. The global cryptocurrency market cap was trading higher around $1.23 trillion, rising 4.17% in the last 24 hours.
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View Details »The total volume in DeFi is currently 4.44 billion, 9.41% of the total crypto market 24-hour volume. The volume of all stablecoins is now $42.25 billion, which is 89.37% of the total crypto market 24-hour volume.
The market cap of Bitcoin, the world’s largest cryptocurrency, was around $581 billion. Bitcoin’s dominance is currently 46.99%, an increase of 0.81% over the day, according to CoinMarketCap.
“We have a volatile week coming up with Bitcoin (BTC) breaching the critical $30,000 level and US CPI inflation data coming in tomorrow. BTC is up 7% today and has entered a key resistance zone that stretches up to $32,000. This rally has legs to continue if CPI data comes in favourable,” Vikram Subburaj, CEO of Giottus Crypto Platform, said.
Shivam Thakral, CEO of BuyUcoin said, “The combined effect of the Shanghai Ethereum upgrade, Bitcoin halving, and other macroeconomic factors are currently driving the momentum in the crypto market. As Bitcoin price rises, we may also see some investors liquidating their positions to book profit, which may result in a healthy pullback.”
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 11.59 hours, IST on April 11, 2023)
(Note: Price change in last 24 hours)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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