Altcoins
Bitcoin Surges Above $66,000 After Halving, Altcoins See Mixed Performance
Bitcoin jumped 1.7% to $66,310 on Monday following the halving event. cryptocurrency Bitcoin completed its “halving” over the weekend, a phenomenon that occurs roughly every four years and aims to slow the rate at which bitcoins are created. Meanwhile, Ethereum, the second-largest cryptocurrency, rose more than 1.4% to $3,232. Altcoins like BNB, Solana, Avalanche, Polkadot and Chainlink saw significant gains ranging from 2% to 6%. In contrast, DogecoinToncoin, Shiba Inu and Polygon saw declines of up to 1%.
Edul Patel, CEO of Mudrex, said, “Bitcoin is trading above the $64,000 level after the fourth halving event. Neither the bulls nor the bears are dominating at the moment. In this case, Bitcoin is likely to trade sideways between $62,000 and $66,000 in the coming days.”
Meanwhile, Shivam Thakral, CEO of BuyUcoin, said: “This week could see significant volatility, likely in favor of the bulls, as Hong Kong ETFs are gearing up for launch and the economic calendar is also irrelevant. A break above $75,000 would confirm that the bottom has been reached around $60,000.”
Read also : Bitcoin halving reduces supply of new tokens, threatening miners
Currently, the total volume of DeFi stands at $5.16 billion, which is 8.12% of the total 24-hour volume of the cryptocurrency market. Meanwhile, the volume of all stablecoins stands at $58.53 billion, which is 92.17% of the total 24-hour volume of the cryptocurrency market, according to data available on CoinMarketCap.
In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, has reached $1.3 trillion. Bitcoin’s dominance is currently at 53.5%, according to CoinMarketCap. BTC volume in the last 24 hours has increased by 10.3% to $24.36 billion.
Technical perspective from Rajagopal Menon, Vice President, WazirX
Bitcoin is facing two support areas at $60,775 and $59,600. The fight between the bulls and bears is intensifying, with the token on the verge of selling pressure.
Current moving averages suggest that the pair could trade between $60,000 and $70,000. To pave the way for a rally to $84,000, the bulls need to overcome higher resistance. With a bullish crossover on the 4-hour chart, the bulls have the upper hand. However, a drop below the moving averages could signal aggressive selling, with a potential downside target at $63,000.
(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. They do not represent the views of The Economic Times)
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