Even while attitudes remained shaky, the crypto market rallied on Monday. However, if more optimism prevails, investors fear that the new-age asset class may see another meltdown.
With the exception of stablecoins, all crypto tokens were trading upward on Monday. Dogecoin has increased by roughly 13%, whereas Ethereum has increased by 12%. Bitcoin, Solana, Avavalance, and Shiba Inu all increased by 6 to 8%.
Bitcoin broke through the $20,000 barrier, but Ethereum remained above $1,000. The major cryptos have lost all of their gains over the last five years.
The global cryptocurrency market cap moved up to the $885.71 billion mark, rising more than 7 per cent in the last 24 hours. However, the total cryptocurrency trading volume plunged about 11 per cent to $79.09 billion.
Expert Take
Prices of major cryptocurrencies picked up slightly over the weekend following a week of uncertainty, said CoinDCX Research Team. “Analysts have pointed out that there are catalysts in the near future that will help stabilise crypto prices.”
What’s cooking in India
Indian crypto investors continued to be under stress, anticipating that the worst may not be over for the crypto market, which recorded one of the worst crashes in the history of digital assets in the past week and wiped off a few hundred crores from the Indian crypto market.
Despite market turmoil, a recent Bank of America survey of more than 1,000 digital asset users indicated that investors are still optimistic about the future of crypto, with 91 per cent of those surveyed saying they will continue buying crypto in the next six months, it added.
Global Updates
Bitcoin sank below $20,000 for the first time since December 2020, losing sharply. At time of publication, the largest cryptocurrency by market cap was changing hands around $18,984.1 after trading at a low of $18,739.50.
The collapse of Terra’s terraUSD made some investors think twice about buying stablecoins. The algorithmic stablecoin, pegged to the US dollar, turned out to be less than stable, and investors in stablecoins as a whole were spooked about being left with nothing. An Illinois resident sued Terraform Labs, its founder Do Kwon and several VC firms that make up the Luna Foundation Guard on claims that the defendants violated federal securities laws and misled investors.
Tech View by Proassetz Exchange
After making a high of $0.1800 on 12th April 21, TRX went sideways and is currently trading inside a symmetrical triangle. Trx has a support level of $0.045 though it has a resistance of $0.0825 but if a volume breakout is seen then an upward movement to $0.12 is possible.
News Summary:
- Cryptocurrency prices today: Bitcoin, Ethereum, Shiba Inu and Dogecoin rise 13%
- Check all news and articles from the latest Business news updates.
