Bitcoin trades 68% high this year (YTD), though still down from the record highs near $65,000 in mid-April.
Today’s cryptocurrency sessions have BTC trading over the $49,000 price levels. Keep in mind that the world’s largest crypto by market cap tested the levels over $50K early this week. The coin has struggled beneath this level since May, plunging below $30K at one point. Meanwhile, BTC stays 68% high since 2021 started. Though such impressive gains, the asset remains away from the record high beneath $65K in April.
Bitcoin has its price hovering at $49,020 after gaining 2% (CoinDesk data). Ether, the Ethereum blockchain token, gained 1% to trade at $3,224. Meanwhile, the leading meme coin, DOGE, traded around $0.29, following 0.5% gains.
Other cryptocurrencies that gained value in the last 24 hours are Litecoin, XRP, Uniswap, Cardano, and Stellar. However, crypto funds had their initial inflows in more than seven weeks. That comes after traders invested in alternative coins like Solana, Cardano, and Ether last week. That is according to CoinShares, an asset manager.
Crypto funds recorded $21 million net inflows the previous week. Meanwhile, at the 6-week sessions, the longest plunging streak since 2018 January, crypto investment products experienced a $115 million redemption. Bitcoin had its outflows extending for the 7th straight week. Such actions came as investors booked around $2.8 million worth of BTC (last week).
Ether experienced minor inflows of around $3.2 million over the previous week. Cardano ($6.4 million), Litecoin ($1.8 million), and Polkadot ($1.1 million) followed the two crypto leaders. Before the recent rebound in the past weeks, the crypto industry experienced pressure from environmental concerns and China’s unending crackdown. Meanwhile, the market’s uptrends resurfaced after the supportive comments by Elon Musk, Cathie Wood, and Jack Dorsey. The bullish statement by the financial figures saw the crypto market rising.
For now, the coins need to avoid pivot levels to retain their gains. With the correct sentiments, the digital market will witness cryptocurrencies testing higher price levels.
What are your opinions concerning the crypto market over the past 24 hours? Will the virtual assets maintain the rises? Feel free to comment in the section below.
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