Bitcoin At $52K; Ether Enters $3K First Time April 2022
By Laxmikant Khanvilkar
Virtual digital assets (VDA)are largely trading in the positive zone for the last 24-hours supported by investors buying activity through caution prevails ahead of key tech companies earnings and the build up in futures contracts open interest reaching level seen during 2021. The futures market appears overheated for now. However the focus remains on Nvidia releasing its quarterly earnings performance later today and the FOMC minutes.
Bitcoin (BTC) continues to consolidate above $52K as optimism over net inflows in the spot BTC exchange traded funds (ETFs) has aided the investor sentiment. Last week, the ETF issuers collectively received over $2.4 billion. The trend demonstrates investor interest for such products. Although, the rising OI levels is causing prices to retreat, the most popular crypto has managed to hold key level. It is currently trading at $52,197 up 1%.
On the other hand, the price of ether (ETH), the native token to the Ethereum network, rose past $3,000 for the first time since April 2022. It quoted 2.2% higher at $3,001. The token added 12% in the past week, outpacing other cryptocurrencies, according to data from CoinGecko. In fact, ETH surged nearly 30% since the beginning of 2024, BTC rose 22%.
Broader market are largely trending mixed. Binance BNB token was moving higher while Solana, XRP and others were languishing in the negative territory.
The global crypto market cap increased 0.5% to $1.99 trillion in the last 24 hours. Simultaneously, the total crypto market volume gained 33% to $91./ billion. Total volume in DeFi is currently $7 billion, and all stablecoins are $82.7 billion, representing 7.7% and 90.8%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 51.5%, up 0.18% over the day.
The IC15 index, the barometer of the top fifteen tokens, rose 0.9% to 67,230.
Meanwhile, traders expect the rally in Ether to continue and the token price to rise near $3,500 the next resistance level as spot-based ETH exchange-traded funds (ETF) are likely receive U.S. regulatory approval soon.
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