Bitcoin was back in action on Tuesday as the largest crypto asset topped $30,000 for the first time since June 10, 2022. The latest banking turbulence distanced investors, who grew more optimistic about US central bank monetary policy. A sharp rise in Bitcoin pushed the sentiments and other tokens higher.
Bitcoin was the top gainer among the top crypto tokens and surged over 6% to top the $30,000 mark. Its largest peer Ethereum also surged more than 3 per cent to hit the $1,900 level. Altcoins were also trading with big gains but underperformed the headline peers.
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After trading in a tight range for about 10 days, Bitcoin crossed $30k for the first time since June last year. The crypto fear and greed index has increased by 6 points since yesterday, reaching 68 and tilting towards greed, as of April 11. In crux, bullish sentiments can be observed within crypto markets, said Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch.
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“Ethereum will conclude its two-year transition to proof of stake with the launch of the Shapella upgrade, which is slated for Wednesday. The market’s focus remains majorly on the staked ETH withdrawals. Bullish sentiment surrounds ETH staking upgrades, potentially attracting new capital for rewards, but some fear a supply overhang from locked-up ETH being sold, he said.
Not only Bitcoin or Ethereum, but all top crypto tokens were also trading sharply higher on Tuesday. Solana and Litecoin zoomed more than 4 per cent, each, followed by more than 3 per cent gains in BNB and Cardano each. Polkadot, XRP and Polygon also posted strong gains.
The global cryptocurrency market cap was trading sharply higher, around $1.23 trillion, rising more than 4 per cent in the last 24 hours. However, the total trading volumes spiked over 50 per cent to $45.02 billion.
Tech View By WazirX Trade Desk
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Injective Protocol(INJ) is a layer-one blockchain that offers open and interoperable features for creating robust DeFi applications. It uniquely provides plug-and-play financial infrastructure building blocks, including a high-performing decentralized exchange infrastructure, decentralized bridges, oracles, and a smart contract layer.
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INJ has been trading above the 20-week moving average for the past few months whilst maintaining a healthy RSI of around 60. The weekly trend for Injective has formed a distinctive Double bottom pattern with an uptrend that has continued since the start of this year. The next resistance is expected at the $5.6 level and immediate support is expected at the $3.8 level.
