After showing erratic tendencies last week, bitcoin and other major crypto tokens continued to advance on Tuesday, reflecting gains across global markets as investors ignored ongoing fears about aggressive hikes and their influence on economic development.
At 8:52 a.m., Bitcoin, the world’s most popular and largest cryptocurrency, was trading 2.6 percent higher at $20,501.7, after falling below the 18-month low of $20,289 in the previous session.
Bitcoin’s market capitalization was $390.1 billion, with $29.7 billion in trade volume in the previous 24 hours.
“It is too early to call it a positive trend reversal,” a WazirX analyst said, despite an apparent increase in purchasing momentum in the recent two days. The BTC trend has created a falling channel pattern on the daily timeframe.
The next significant level of support for Bitcoin is projected to be $14,000. For the trend to be termed a bullish reversal, BTC must maintain its velocity in excess of $30,000.”
With a market capitalization of $135.8 billion, Ether, the second-largest virtual currency, was also up 3.9 percent at $1,123.2. In the last 24 hours, Ethereum trade volume was about $19 billion.
The analyst commented on the Ethereum token Synthetix Network (SNX), a derivatives liquidity protocol that serves as the backbone for derivatives trading in DeFi, saying, “
Dogecoin, the meme cryptocurrency, rose 3.4 percent in 24 hours, with a trade volume of $479.1 million. Shiba Inu was trading 1.9 percent higher at $0.0000082, while Solana was trading at $35.1 billion, up nearly 9%.
Following a string of hikes by policymakers recently, global stock markets gained on Tuesday after suffering significant losses due to growing concerns about a recession in economies. After snapping a six-day losing trend on Monday, Indian headline indexes opened higher on Tuesday.