Bitcoin sustains $57,000 level, industry regains $2 trillion capitalisation

Crypto market overview: Bitcoin has sustained its strong momentum in the last 24 hours as it continues to hover above the $57,000 mark. Ethereum, the second leading cryptocurrency as per market capitalisation, has also registered minor gains to maintain the $3,200 level. The total market capitalisation of crypto assets has again surged beyond $2 trillion while the transactional volume chart has also seen a spike to touch $120 billion worth of crypto transactions in the last 24 hours. 

The Crypto Fear and Greed Index also exhibits similar sentiments with a 3-point gain, taking the index towards extreme greed sentiment. 

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Talking to the Republic Business about crypto market movement CoinDCX Research Team, said, “In the last 24 hours, BTC and ETH maintained stability, fostering a bullish environment for altcoins. BTC hovered around $57,000, with stable dominance, spurring activity in altcoins, particularly meme tokens like Pepe, Shiba Inu, and Doge. The influx of BTC spot ETFs remained robust, indicating positive market sentiment. ETH traded around the $3,250 mark, while the ETH/BTC pair showed bearish tendencies, resulting in BTC outperforming ETH. Today's announcement of the US GDP prelim (QoQ) could introduce some volatility into the market.”

CoinSwitch Markets Desk said, “BTC witnessed a fourth back-to-back day of growth after going to sub $51,000 levels to test $57,500 for the first time after December 2021— a month after BTC made its all-time highs last time. With price movement approaching $69,000, the BTC’s all-time peak, the market attention seems to be shifting to altcoins, especially meme coins in the last few days. Popular meme coin PEPE is showing significant growth and has doubled in this week alone so far.” 

Sudeep Saxena, Co-founder, CoinGabbar said, “Bitcoin has soared to a two-year peak, nearing its all-time high. After a rapid rally, Bitcoin now remains steady, anticipating the release of Preliminary GDP q/q data later today. The trajectory of the emerging trend will depend on the results of this data release.” 

Crediting the Bitcoin’s momentum to anticipation around halving, Edul Patel CEO of Mudrex said, “The influx of funds into spot Bitcoin ETFs and the looming halving event contribute to the growing confidence among both retail and institutional investors. Bitcoin faces its next obstacle at the $58,000 resistance level, and support at $55,900. Meanwhile, Ethereum has been up for six consecutive days, marking a substantial 42 per cent gain this month. Ethereum resistance lies at the $3,500 level, with the current trend's strength suggesting that this resistance could be tested soon.”

Sharing the future outlook for leading altcoins, Vikram Subburaj, CEO, Giottus said, “The market continues to be volatile after the strong surge yesterday. Bitcoin is trading just below $57,000 though it hit a daily high of $57,500 this morning. A strong consolidation here can lead Bitcoin to test key resistance at $58,000 later this week. Meanwhile, a few altcoins – XRP, DOT, UNI – have registered 2-4 per cent gains even as the overall market has grown by 0.5 per cent. Ethereum may face strong resistance at $3,300 though a bullish market sentiment can breach this. BTC dominance is now at 53.7 per cent and has gained from a low of 52.2 per cent on Monday. Key upside targets for altcoins: Ethereum ($3,300), BNB ($405), Solana ($112), Cardano ($0.63), and Avalanche ($42).”

Shivam Thakral, CEO of BuyUcoin said, “After pumping more than 10 per cent a day, Bitcoin is maintaining its new yearly ATH and has not experienced a correction so far. This could be because investors are bullish on the upcoming halving in April, which historically brings a new ATH within a year of the said event due to the supply shock faced by the largest cryptocurrency. However, a slight correction in Bitcoin would benefit Ethereum and Altcoins by reducing Bitcoin dominance.”