The crypto market witnesses healthy gains as most top cryptocurrencies uptick today. Ether, the Ethereum linked token, surged over 9% to stand at $3,769.62.
Today’s early sessions have crypto prices surging. Bitcoin gains towards $50K as it has battles to overpower this psychological mark after crossing it last month, trading on a three-month high. The dominant currency by market share increased by 6% to around $49,678.59 (CoinDesk data). Though the asset remains far beneath the record high in April ($65K), it has gained 71% since 2021 started.
The world’s favorite altcoin had its price increasing by 9% to stand at $3,769.62. Also, Dogecoin surged around 10% to hover at $0.30 as Cardano posted 8% gains to $2.98. Other alternative tokens like Uniswap, XRP, Litecoin, and Stellar climbed by 5-10% yesterday.
On the other hand, Changpeng Zhao, Binance CEO, revealed that its US platform might launch initial public offerings in the coming three years. Zhao stated on Wednesday saying that Binance.US will do what Coinbase had done.
Meanwhile, the alt market sees extended investment by traders. CoinShares highlights that Cardano and Ether witness increased inflows even when BTC registered outflows for eight consecutive weeks last week. Altcoins refers to all digital coins besides Bitcoin.
BTC traded at its record high, near $65,000 back in April. That came from optimism by institutional investors, fast money-bets, and liquidity tide. Also, supportive comments by financial figures helped the crypto space as it battled to rise.
As the crypto market seems to revive, bulls target high. At this writing, BTC trades beyond $49.5K, and it may move higher. According to the hourly price chart, BTC/USD cracked the critical bearish trend-line around $47,750.
Moreover, the news that Twitter will offer BTC tipping services magnified buying pressure. With that, Twitter users can reward content creators using BTC. Meanwhile, Twitter didn’t announce when the update will be available for the public.
If the market sees the correct sentiments in the coming sessions, BTC will overcome the immediate resistance at $49,850 and head to the levels above $50.
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