After Friday’s surge in equities, crypto markets saw moderate gains.
Bitcoin (BTC), which closed at US$17,000 Sunday, has added half a percentage to US$17,000.
The test will be to maintain bullish support above US$17,000; this has been impossible since the FTX collapse.
Bitcoin’s next point of resistance will be US$17,000. However, historically low trading volumes are still a problem.
Ethereum (ETH), the benchmark cryptocurrency, closed 2% higher Sunday and is up 1.5% this morning.
The ETH/USDT currency pair is currently trading at US$1,310. However, there is a strong sell wall at US$1,350 which could make it difficult for bulls to break through.
Solana (SOL), which has posted double-digit gains in two consecutive days, continues to outperform the large-cap altcoin market. Its market capitalisation now stands at almost US$6bn, and its market capitalisation is at two-month highs.
Cardano (ADA), which has seen nearly 30% of its market capital increase in the last week, is also on a roll. SOL’s rally can be attributed largely to Binance’s Changpeng Zhao’s endorsement as well as the launch of Bonk, a Solana-native meme token, but ADA’s rally remains a mystery.
Charles Hoskinson, Cardano founder, recently announced that the Hoskinson Health & Wellness Clinic will open next month. Payments can be made by ADA.
All major altcoins are in the green, including Litecoin, BNB, Polygon, MATIC, and Dogecoin.
Global market capitalization for all crypto assets increased 3% to US$849bn over the past 24 hours. Total value locked across all Decentralised Finance (DeFi) protocols rose 2.5%, to US$41bn.