The global crypto market hit $1.38 trillion with a gain of 2.8 per cent as of 10 a.m. IST today. Therefore, extending the week’s surge and recouping earlier losses. This follows a previous weekly low of $1.16 trillion. The volume of trade increased by 11% on the day, bolstering the rise.
Resurgance Of Bitcoin
Bitcoin (BTC) marched upward on Friday after a successful retest of the $31,900 support level. Along with that, bulls stepped in to push BTC over the $33,500 short-term resistance level. BTC closed the day around $33,700, up 3.3 per cent in the past 24 hours. Additionally, there was a notable 15 per cent increase in transaction volume.
The extended positive attitude following Elon Musk, Jack Dorsey, and Cathie Wood’s ‘The B-Word’ event allowed BTC to hold above $32,000 levels before surpassing the first resistance level of $32,600. BTC is presently attempting to break through the $34,000 barrier, putting $36,000 in play. The expiration of $330 million worth of BTC options on Friday also helped the rise.
ETH Gains
For the second day in a row, Ethereum (ETH) remained over the $2,000 level. The surge in ETH continued after midnight, with the coin closing the day at $2,130, up 2.8 percent. A wave of fresh confidence is sweeping the market as ETH approaches its EIP-1559 upgrade in a fortnight. The resistance level for ETH was $2,080 while avoiding the support level of $1,960.
Crypto Market Roundup
Following the recent sell-off, investors hope that prominent altcoins would find their way back up. This gives the whole market, which BTC, some impetus still dominate. With a 5% rise, Uniswap (UNI) was the largest gainer today. Cardano (ADA), Chainlink (LINK), and Polygon (MATIC) were among the top cryptocurrencies that gained 1 to 3%. However, Stellar (XLM) and Polkadot (DOT) suffered modest losses.
Talk of The Week
The talk of the week is Axie Infinity (AXS), a play-to-earn gaming token that has soared into the top 40 cryptocurrency rankings. AXS gained 120 per cent in the previous week. Today, the AXS token increased by 45 percent.
