The global cryptocurrency markets held above US$1tn as of Thursday. This is a sign of stability and was encouraged by strong US equities.
Bitcoin (BTC), which gained 1.8% to US$23,000.60, reached a peak last seen in mid August of last year.
This morning, there was bearish resistance which saw the benchmark cryptocurrency fall to the 23,000 mark. BTC could revert back to US$22,000. Support should it continue to fall.
Ethereum closed 3.6% higher last night at US$1,610 and has maintained these gains today.
The second-largest cryptocurrency, ETH, is having trouble breaking above US$1,650. This was the price level seen on the ETH/USDT pairs just before the FTX implosion which crashed the crypto markets.
This is despite ETH becoming a deflationary cryptocurrency. Rising gas prices are leading to higher burn rate, effectively putting a halt on circulating supply.
The ETH/BTC pairing, which has dropped 10% over the past two weeks, is a sign of Bitcoin’s relative strength in recovery against Ether.
Binance’s BUSD stablecoin had a 12-month low of US$15.3bn within the last 24 hours. This resulted in a US$2bn decrease in the trailing month. After concerns over its proof of reserves being first raised last month, BUSD traders seem to be still spooked.
Altcoins
Threshold Network’s token T gained 170% in the last week, following news that Coinbase plans to list it. Threshold Network is an assortment of tools that enhance on-chain security, privacy and security on the Ethereum and Bitcoin networks.
Aptos (APT), a blockchain created by ex-Facebook alumni is up more than 130% week-on-week, outperforming large-cap Layer-1 Blockchains like Cardano (ADA), Solana(SOL), and Avalanche [AVAX].
While most altcoins are still in the green, Casper CSPR, Kava (KAVA), and Helium HT have bucked the trend and posted single-digit weekly losses.
Overnight, the total value of decentralised finance (DeFi), jumped 2.5% to US$47.7bn.