Bitcoin and Crypto Tokens Surge on Bullish Momentum
Bitcoin and other crypto tokens experienced a strong surge on Monday as the bullish momentum in the crypto markets continued over the weekend. The possible approval of a spot bitcoin exchange-traded fund (ETF) in the US pushed the momentum higher in the digital asset market, resulting in all-round buying interest.
Bitcoin Surges as Altcoins Outperform
Bitcoin continued to move higher as the last crypto token surged more than 2 per cent to hover near 31,000-levels. Its largest peer, Ethereum, outperformed and rose more than 3 per cent but inched towards $1,700-level. Additionally, the majority of altcoins were trading higher.
Renewed Optimism in the Market
Bitcoin surpassed the $30,000 mark during the weekend, fueled by renewed optimism regarding the potential approval of a Bitcoin Spot ETF as multiple applicants modified their applications with the SEC last week. Edul Patel, Co-Founder & CEO at Mudrex, stated that the price movement resulted in Bitcoin reaching a three-month high and a jump of over 11 per cent in a week.
Positive Market Sentiment
“The market sentiment is currently bullish. Concurrently, Ethereum has shattered the $1,600 resistance level and is now trading above $1,650, while altcoins like Solana and Chainlink have displayed remarkable growth, exceeding 35% and 41%, respectively, over the last week,” Patel said.
Strong Gains Across Crypto Tokens
Barring the US dollar pegged USD coin and Tron as exceptions, the majority of top crypto tokens were trading with big gains on Monday. Chainlink surged more than 11 per cent, while Polygon rallied 8 per cent. Solana surged about 5 per cent, while BNB and Polkadot added 3 per cent each.
Global Cryptocurrency Market Cap Rises
The global cryptocurrency market cap was trading sharply higher, rising up to the $1.17 trillion-mark, as it surged more than two per cent in the last 24 hours. Additionally, the total trading volumes rose over 22 per cent to $49.22 billion.
Tech View by Giottus Crypto Platform
Aptos (APT), trading above its 50-day exponential moving average, is in an ascending trend, breaking above the key resistance of $5.5 and experiencing a rally due to wider positive market sentiment.
Future Outlook for APT
After successfully breaching the upper limit of the flat bottom pattern on Saturday, APT was able to sustain support and has entered the accumulation phase. It faces immediate resistance at $6.65 with the next resistance at $7.61. Its 14-day RSI remains overbought, suggesting that the bullish break may continue in the near term. On the downside, $5.27 is the key support level.
Cryptocurrency Analysts’ Views and Recommendations
The views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. It is advised to consult a financial adviser before taking any position in the mentioned assets.
I have been writing about crypto for over two years. I have a vast amount of experience in the industry and my work has been featured on some of the biggest publications in the space.
