Crypto Price Today: Bitcoin Rises 6% to Trade Above $30,000; Solana and Litecoin get 4%
Bitcoin was back in action on Tuesday as the biggest crypto asset hit $30,000 for the first time since June 10, 2022. The latest banking turmoil distanced investors, who became more optimistic about US central bank monetary policy. A sharp rise in Bitcoin pushed the sentiments and other tokens higher.
Bitcoin was the biggest winner among the top crypto tokens, rising over 6% to top the $30,000 mark. Its biggest peer Ethereum also rose more than 3 percent to reach the $1,900 level. Altcoins also traded with big gains, but underperformed those headliners.
After trading in a tight range for about 10 days, Bitcoin passed $30k for the first time since last June. The Crypto Fear and Greed Index has gained 6 points since yesterday, reaching 68 and tilting towards greed, as of April 11. At the core, one can observe bullish sentiments within the crypto markets, said Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch.
“Ethereum will end its two-year transition to proof-of-stake with the launch of the Shapella upgrade, which is scheduled for Wednesday. The market’s focus remains mainly on the staked ETH withdrawals. Bullish sentiment surrounds ETH stake upgrades, which potentially attract new capital for rewards , but some fear a supply overhang from locked ETH being sold, he said.
Not just Bitcoin or Ethereum, but all the top crypto tokens also traded sharply higher on Tuesday. Solana and Litecoin zoomed more than 4 percent each, followed by more than 3 percent gains in BNB and Cardano each. Polkadot, XRP and Polygon also showed strong gains.
The global cryptocurrency market capitalization traded sharply higher at around $1.23 trillion, rising more than 4 percent in the past 24 hours. However, total trading volumes rose over 50 percent to $45.02 billion.
Note: Price changes in the last 24 hours
Technical view of WazirX Trade Desk
Injective Protocol (INJ) is a layer-one blockchain that offers open and interoperable features to create robust DeFi applications. It uniquely provides plug-and-play financial infrastructure building blocks, including a high-performance decentralized exchange infrastructure, decentralized bridges, oracles, and a smart contract layer.
INJ has been trading above its 20-week moving average for the past few months, while maintaining a healthy RSI 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.
(Views and recommendations provided in this section are the analysts’ own and do not represent those of Business Today. Consult your financial advisor before taking any position in the asset(s) mentioned.)
