Crypto market consolidates after 5 days of strong positive rally

Crypto market overview: After 5 days of continuous strong movement in the crypto market, the market is finally consolidated with no hint of a major decline in the market. While Bitcoin gained 1 per cent in the last 24 hours, ETH registered a minor decline of 0.21 per cent. However, Cardano’s price surged more than 7.2 per cent followed by Polkadot and XRP each of which gained more than 5 per cent in the last 24 hours. 

The Crypto Fear and Greed Index also indicates the continuation of strongly positive market sentiment as the trendline maintains 72 points on the scale. 

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While talking with Republic Business, the CoinDCX Market Research team said, “In the past 24 hours, BTC has gained close to a per cent, whereas ETH has maintained its price with a slight decline of 0.05 per cent, indicating relative weakness compared to BTC.”

“From a technical standpoint, BTC is currently situated close to the $44,000 resistance level. The overall momentum remains positive, with no clear signals of a reversal or bearish trend. Minor pullbacks and corrections are considered healthy for the current scenario,” CoinDCX added. 

Meanwhile, ETH is in between two crucial levels at $2,130 and $2,450. Altcoins, in general, are exhibiting stability at the moment.

Rajagopal Menon, Vice President, WazirX also shared his crypto market insights with Republic Business. Talking about Bitcoin’s movement in the last 24 hours, Menon said, “Bitcoin continues to wield significant influence with a market dominance surpassing 53 per cent. As the crypto landscape evolves, crypto whales are diving into holding tokens. Notably, tokens such as Solana and Cardano are experiencing noteworthy surges in their market values, signalling an active and vibrant market environment.” 

“The sentiment of moving averages in Bitcoin signals a ‘Buy’ sentiment. The predictions for Bitcoin’s price indicate that it could reach $100,000 levels and further propel the current $1.5 trillion Crypto market cap,” added Menon.

CoinSwitch Markets Desk highlighted the halt in Bitcoin’s strong surge in the last 5 days while also sharing other significant market updates. CoinSwitch said, “While BTC finally had a red day after 5 consecutive days of gains, the correction was only less than 1 per cent down during the entire day, hovering just below the $44,000 mark. It seems like even though BTC has been seeing steady buy pressure from institutional investors, retail is yet to join the party.”

“In a very counterintuitive move, however, JP Morgan’s CEO expressed his strong dislike of crypto assets such as Bitcoin. During a Senate banking committee hearing, CEO Jamie Dimon called for government shutdown on crypto. It is worth mentioning that cryptos, due to their inherent nature, possess attributes of censorship resistance. Even if someone holds unfavourable views, they may face practical challenges in impeding the operation of a genuinely decentralised cryptocurrency such as Bitcoin,” CoinSwitch Markets Desk added. 

Edul Patel, CEO of Mudrex, underlined the next resistance Bitcoin is aiming for. Patel while talking to Republic Business said, “Bitcoin is trading around the $43,900 level, maintaining the bullish momentum observed in recent days. To sustain this positive movement, Bitcoin will need to overcome the resistance at $44,260 or risk finding support around the $43,700 level. 

“Market sentiments remain bullish as traders eagerly anticipate developments regarding the US Bitcoin Spot ETF applications. Bitcoin's remarkable growth of 164% since the start of the year adds to the optimistic outlook. Additionally, Ethereum is trading above the $2,200 level, and the altcoin Cardano has experienced over a 5% growth in the last 24 hours,” added Patel. 

One of the major movers of the day was Dogecoin, as it pumped by more than 13% till noon yesterday, before consolidating back below 10 cents on its 10th anniversary. Interestingly, x.com users also noticed that while pressing the capital “D” on the new iOS 17 on iPhone devices, they can also see a Dogecoin (Ð) logo to choose from.