Bitcoin breaks past $72,000, ETH maintain $4,000 mark

Crypto market update: The Bitcoin bull rally has continued throughout the second day of the week with the leading cryptocurrency gaining close to 4.5 per cent between Monday and Tuesday. In last evening's trade, Bitcoin also breached the $72,800-mak to set a new all-time high of $72,840 with the market capitalisation of the token surging above the $1.4 trillion level. 

Ethereum has also shown positive momentum, maintaining the $4,000 level. However, Toncoin has recorded close to 33 per cent gains in the last 24 hours and currently trades at $3.77. 

The Crypto Fear and Greed Index also reflects a continuation of the greed sentiment in the market. 

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Underlining Bitcoin’s new all-time high, CoinDCX Research Team said, “BTC's stability at this high level indicates strong underlying strength, with futures open interest also rising sharply. This stability in BTC led to 5-10 per cent gains in altcoins, with Layer 1 tokens leading the charge. ETH nearly touched $4,100 and is currently consolidating around that level. Additionally, the ETH/BTC pair is showing major support, suggesting that ETH may take the lead soon. The next key level for ETH to watch is $4,380.” 

In the last 24 hours, Bitcoin's Hull Moving Average has transitioned into a 'Buy' sentiment, coinciding with strong gains in Litecoin, Ripple, and STX. Rajagopal Menon, Vice President, WazirX highlighting the same said, “Bitcoin’s momentum has thwarted its psychological barrier at $71,000. Its current price reflected a notable weekly gain of around 13 per cent. While both fundamental and technical indicators are optimistic, the market might experience sideways movements or even temporary dips in the upcoming days or weeks. It is safe to anticipate short-term variations in Bitcoin's value.” 

The overall crypto market capitalisation has ballooned over $2.8 trillion, with all-time highs of the crypto market cap now in sight at just above $3 trillion, CoinSwitch Markets Desk told Republic Business. 

“The broader market is in the green, while the fear and greed index continues to be in the ‘Extreme Greed’ signifying a very strong investor sentiment,” added CoinSwitch. 

Mudrex’s CEO Edul Patel believes that the next resistance level is anticipated at $76,000. Simultaneously, Ethereum experienced a substantial surge, surpassing the $4,000 mark and witnessing a 174 per cent increase in value over the past year.

Citing Bitcoin’s next target to be $75,000, Vikram Subburaj, CEO, Giottus said, “Bitcoin has formed a strong support at $68,000 and any retracement below $70,000 is likely to fuel an intense buying spree. Among altcoins, XRP and Avalanche surged by 18 per cent, while other top alts had a green day. Ethereum has breached $4,000 and is 17 per cent short of reaching its previous high. As Bitcoin remains in price discovery mode, altcoins could experience gains in the near term.” 

Subburaj also shared the key upside targets for altcoins: Ethereum ($4,120), BNB ($575), Solana ($165), XRP ($0.74), Cardano ($0.79), and Avalanche ($55).

Shivam Thakral, CEO of BuyUcoin said, “Bitcoin's price surpassed $72,000 on Monday, creating a new ATH at $72,800. The largest cryptocurrency now has a total market cap of $1.4 trillion, surpassing silver to become the world's eighth most valuable property. MicroStrategy purchased an additional 12,000 BTC for approximately $821.7 million in cash. This takes MicroStrategy's Bitcoin holdings to over 205,000 BTC. The crypto market continues to demonstrate remarkable growth and adoption worldwide.”