Bitcoin and Ethereum rallied on Thursday, but other crypto assets failed to replicate the similar move. Bitcoin rallied after the subdued performance of US bank stocks. Crypto regulations remained the hot topic in developed economies.
Bitcoin extended its gains as the largest crypto asset traded with decent gains rising more than 2 percent to hover around the $29,000 mark. Its largest pair, Ethereum, paired up 2 percent and recaptured the $1,900 level. The altcoin's performance was mixed in early trading.
Following concerns over First Republic Bank on Wednesday, Bitcoin has returned to $29,000 as markets react. In yesterday's session, Bitcoin rose to $29,121, recovering from its low of $27,217 the day before, said Edul Patel, co-founder and CEO of Mudrex.
โThis rise erased Bitcoin's losses from last week and brought it to its highest point in seven days. Currently, Bitcoin has support at the $28,000 level and resistance at $29,400. Meanwhile, Ethereum has broken above the $28,000 level. of $1900 and hit a five day high," he said.
Barring the top names, only Cardano and Polygon were trading in the green, as both were up as much as 2 percent during early trading. On the contrary, the cuts were covered. Among the losers, Litecoin fell around 3 percent, while BNB fell 2 percent. XRP and Polkadot shed more than one percent each.
The global cryptocurrency market capitalization was trading significantly higher, hovering around the $1.20 trillion mark, as it jumped more than one percent in the last 24 hours. However, total trading volumes shot up around 73 percent to $70.12 billion.
The world's largest crypto asset, Bitcoin, touched the $30,000 mark on Wednesday. The crypto market is showing strong signs of ending the crypto winter that dominated the crypto market in 2022. The regulatory support shown by major economies like the UK and Europe will pave the way for a more mature crypto ecosystem across the globe, said Shivam Thakral, CEO from BuyUcoin.
โFormer CFTC head Chris Giancarlo made an important statement yesterday in support of the US cryptocurrency industry. Giancarlo reiterated the fact that regulators can engage with cryptocurrency entities if they are willing to do so. "Standard Chartered, made a prediction that the crypto winter is over and Bitcoin has the potential to touch the $100,000 mark by the end of 2024," he said.
Image: Crypto-chart-price
WazirX Trade Desk Tech View
The solar blockchain, formerly known as Swipe, has its own utility token called SXP, which can be staked to ensure network security and earn incentives, as well as to pay transaction fees on the solar blockchain. Users can also participate in the governance of the solar blockchain by submitting proposals and voting on protocol updates while earning rewards for offering liquidity. Also, SXP is the main currency used by Solar DApps.
On the weekly time frame, SXP is trading extremely close to breakout levels, with the chart on the brink of a breakout from the downtrend line. SXP has risen almost 10% in the past week, approaching the $0.7 level. We could expect a sharp rise if the trend breaks above current trading levels. The next resistance is expected at $0.84 and immediate support is expected at $0.53 levels.
(Opinions and recommendations provided in this section are those of analysts and do not represent those of Business Today. Please consult your financial advisor before taking any position in any of the listed assets.)
