Bitcoin zooms 5%, Solana rises 13% in last 24 hours

Crypto market overview: In the crypto market today, Bitcoin touched another 15-month high as Bitcoin’s price neared $38,000 levels just before retracing to $37,500. BTC dominance, however, did not rise much and stood at 52.2 per cent, hinting that the entire crypto market has been witnessing growth, with the global crypto market cap approaching the $1.5 trillion level.

The positive sentiments in the market are also reflected in the Crytpo Fear and Greed Index which surged to 70 points from yesterday’s 60 points. 

CoinDCX Research Team talked to Republic and shared their insights into the market. CoinDCX said, “Over the past 24 hours, the crypto market staged a notable recovery, with Bitcoin (BTC) edging close to a new 18-month high, trading just below $37,500. This resurgence followed a dip below $35,000 the day before. The upcoming resistance levels to monitor are in the range of $39,500 to $40,000.”

“Meanwhile, Ether (ETH) exhibited resilience, marking a gain of over 3 per cent and approaching $2,060. This brought ETH back above the $2,000 threshold after briefly dipping to around $1,900. To sustain its upward momentum, ETH needs to overcome resistance at $2,135. Interestingly, Solana (SOL) has emerged as a standout performer among altcoins, registering an impressive nearly threefold increase in price over the past month,” CoinDCX added.

Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, said, “Altcoins have started to show momentum as popular AI token RNDR led the altcoin rally and reached its 19-month high. SOL, too, continued to rise as it successfully rebounded from its newly found support at $55.”

“In the last 24 hours, a positive development came from Singapore. Paxos, a popular stablecoin issuer, is planning to issue a new dollar-based stable coin for the Singapore region. Paxos already has USDP as its primary stable coin and has partnered with PayPal and Binance to issue PYUSD and BUSD, respectively,” Hudda added.

Sudeep Saxena, Co-Founder, Coin Gabbar, credited this market uptrend to the inflows of institutional investors ahead of the Blackrock BTC ETF. Saxena said, “The upward momentum in Bitcoin's price is fueled by a surge in institutional investors directing additional funds towards BTC. This, combined with an all-time low in available liquid supply, is driving the cryptocurrency's ascent. The expected arrival of a spot BTC exchange-traded fund (ETF) is further attracting notable inflows, leading to a tightening of liquid supply and a subsequent surge in prices across the entire cryptocurrency market.

Shivam Thakral, CEO, BuyUcoin, shed light on the impact of the latest US inflation data on crypto markets. Thakrak said, “The latest US inflation data showed that inflation is cooling down, which may result in relaxed monetary policies by the Fed. The crypto market is poised for healthy growth with Bitcoin options touching the $17 billion mark, this growth will be supported by a wave of positive regulatory developments surrounding the financial markets.”

Edul Patel CEO of Mudrex, said, “Bitcoin’s price has grown by more than 127 per cent since the beginning of the year. As market sentiments lean towards being bullish, Altcoins Solana and Avalanche have grown by more than 16 per cent and 22 per cent in the last 24 hours, respectively. Meanwhile, Ethereum is trading above the $2,000 threshold.”

Crypto price prediction

Vikram Subburaj, CEO, Giottus, has shared his insights with Republic, giving new potential targets for leading cryptocurrencies. Subburaj said, “Bitcoin is making a move towards $38,000 after a successful bounce of its psychological support at $35,000. Bitcoin is likely to trade in this range for the next few days providing ammunition for the altcoin market to catch up. The total crypto market cap is inching towards $1.5 trillion, a level not seen since May 2022.”

“Among key altcoins, Solana is trading above $65 today and continues to outperform the crypto market. SOL’s rally can likely top out around $80 based on its previous resistance zones. The short-term targets for other key altcoins are Ethereum ($2,100), BNB ($270), Cardano ($0.4) and Polygon ($1),” added Subburaj.