Bitcoin and Ethereum head in the right direction, altcoins join the party

Bitcoin (BTC) had its strongest day since the post-FTX market crash on Thursday, closing 5% higher at US$18,850 on the BTC/USDT pair and remaining there this morning.

Following the daily rally, more than US$175mln worth of short positions were liquidated, according to Coinglass data.

An intraday high of US$19,120 was posted before the bears stepped in; if they remain in charge, BTC could be pulled back to US$18,500.

In the event of bullish momentum, BTC/USDT could possibly move to US$19,500, where a strong sell wall is currently in place.

Bitcoin (BTC) has a while to go before recapturing pre-FTX levels – Source: currency.com
Bitcoin (BTC) has a while to go before recapturing pre-FTX levels – Source: currency.com

Ethereum (ETH) closed 2% higher at US$1,415 yesterday. Though ETH/USDT has fallen back slightly this morning, the pair still remains above the US$1,400 price point.

Both ETH and BTC remain well above their respective moving averages.

For the first time since early November, global cryptocurrency market capitalisation moved above US$900bn, helped in no small part by strong price action in the altcoin space.

Cardano (ADA) is over 20% higher week-on-week, while Polygon (MATIC), Solana (SOL), Ripple (XRP), Polkadot (DOT) and other large-cap altcoins have also posted double-digit weekly gains.

Strong still is Avalanche (AVAX), which has rallied nearly 40% to bring its market capitalisation close to US$5bn. AVAX’s rally is in response to news of a major partnership with Amazon Web Services to implement blockchain protocols into Amazon’s cloud-computing platform.

Other top performers include Gala Token (GALA), Aptos (APT) and Decentraland (MANA).

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