Bitcoin soar above $54.6K on renewed buying
By Laxmikant Khanvilkar
Virtual digital assets (VDA) across the board surged higher in the last 24-hours led by renewed buying interest in the top coin – the Bitcoin (BTC), while altcoins as well as crypto-focused stocks namely Coinbase, MicroStrategy, Marathon Holdings and Riot Platforms collected double digit gains benefiting from the investor optimism.
The largest crypto by market cap pierced through the key resistance level at $53,000 and was seen marching towards $55,000 mark. BTC was recently seen changing hands at $54,517 up 5.4%.
Analysts expect bitcoin price to move up to its next target level of $57,000 to $58,000.
Ether (ETH), the second-largest crypto asset, scaled higher, hitting a fresh 22-month high of $3,200. It recently traded 1.5% higher at $3,168.
An interesting trend observed during the day in U.S.-listed spot bitcoin exchange-traded funds (ETF). This newly launched product experienced heavy trading interest, with BlackRock’s IBIT booking its largest daily trading volume since its debut. However, ETF trading volumes do not always translate to inflows for the funds, an NYDIG report pointed out.
Broader market largely maintained the firm tone with Solana’s native token (SOL), Polygon’s MATIC and Cosmos’ ATOM taking the lead.
The global crypto market cap increased 4.6% to $2.09 trillion in the last 24 hours. Simultaneously, the total crypto market volume rose 63.3% to $86.1 billion. Total volume in DeFi is currently $7.3 billion, and all stablecoins are $78.6 billion, representing 8.5% and 91.3%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 51.4%, up 0.6% over the day.
The IC15 index, the barometer of the top fifteen tokens, surged 4.5% to 70,386.
Meanwhile, MicroStrategy (MSTR) has purchased an additional 3,000 tokens for $155 million, bringing the company’s total holdings up to 193,000 coins.
On the other hand, large institutions are over-allocating their portfolio to ether (ETH), followed closely by bitcoin (BTC), which is a contrast to retail users who are much more bullish on the latter, a new report from Bybit research said.
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