Bitcoin Reclaims $30K; Alts Provide Momentum
By Laxmikant Khanvilkar
Bitcoin, the most popular cryptocurrency or the virtual digital asset (VDA) reclaimed the psychologically important level of $30,000 in the past 24 hours, after analysts call for a limited downside in altcoins, acted as a catalyst and provided the much needed momentum.
Ethereum and other altcoins also rose sharply. Ether was trying to pierce through $2,100 mark as analysts see little scope for decline after the recent consolidation phase.
There is potential for positive momentum in alts now, analyst pointed out after the recent profit taking and high-beta trade in Bitcoin.
As per the latest daily return chart of alternative cryptocurrencies, which are known as altcoins, in bitcoin terms is seen moving back to February 2021 level, suggests the start of alt season, and as such these coins will outperform Bitcoin.
Meanwhile, the global crypto market cap increased 2.16% to $1.28 tn over the last 24 hours. The total crypto market volume stands at $46.95B, which is 1.70% higher. The total volume in DeFi is currently $4.38B, 9.34% of the total crypto market volume. The volume of all stablecoins is now $42.34B, which is 90.18% of the total crypto market volume. Bitcoin’s dominance shows an increase of 0.40% to currently 45.89%.
Elsewhere, Coinbase (COIN) CEO Brian Armstrong indicated that the crypto exchange would consider moving away from the U.S. if the regulatory environment for the industry doesn’t become clearer.
In other news, brokerage firm Bernstein has called FTX collapse as the final tranche of “toxic crypto leverage” and taught digital-asset investors the importance of decentralization and self-custody wallets.
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