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Cryptocurrency Price Today: Bitcoin Up 9%, Strong Rally Sparks Action in Major Crypto Assets
Major cryptocurrencies are trading with a positive bias in Tuesday’s trading. While Bitcoin jumped 9.34% in the last 24 hours and traded at $56,294.83 around 12 pm IST, other major cryptocurrencies like Cardano Ethereum, Tether, DogecoinAlone, BNBAvalanche, Toncoin, Exchange rate risk and Tron rose 6.40%. Bitcoin reclaimed the $57,000 level for the first time since late 2021 in early trading today, supported by investor demand via exchange-traded funds and additional buying by MicroStrategy Inc. The digital asset added as much as 4.4% to hit $57,039 before paring some of the gain to trade at $56,473 as of 10:22 a.m. Tuesday in Singapore, Bloomberg reported.
With the rally, Bitcoin managed to breach the key resistance at $55,000 after days of consolidation, said Vikram Subburaj, CEO of Giottus Crypto Platform, adding that recent ETF inflows and MicroStrategy buying seem to have driven today’s 9% rally. Now trading above $56,000, Bitcoin’s next target at $58,000 will be closely monitored by traders for any signs of a reversal, Subburaj said.
According to him, Bitcoin’s market dominance has also increased (now at 53.5%), even as altcoins have seen daily gains in the 5-7% range. Ethereum is trading above $3,200 and will seek momentum towards $3,300 and beyond, he added.
BTC has recorded its highest daily gain since pre-ETF times and the rally continues today with an impressive double-digit gain, according to data from CoinSwitch Markets Desk, adding that this cryptocurrency is now within touching distance of Rs 50 lakh per coin, with investors growing confidence in this rally for the first time in 2 years.
However, he cautions that the move from $57,000 to the previous all-time high of $69,000 may not be easy, as BTC is likely to encounter several resistance points along its way, starting at $57,500.
With Blackrock’s Bitcoin ETF spot trading volume hitting a record $1.3 billion and halving expected in the next 50 days, analysts expect this gain to be driven by an unprecedented bullish factor.
Another notable performance was the new Ethereum-based memecoin to be listed on Binance, as well as PEPE, which rose 56% on growing investor confidence in the cryptocurrency sector.
(Disclaimer: Recommendations, advice, opinions and views provided by experts are personal. They do not represent the views of The Economic Times)
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