Crypto market remains stable, Bitcoin and ETH edges higher

The last 24 hours have been relatively stable for the crypto market with both Bitcoin and Ethereum gaining marginally. While Cardano became the top gainer among the leading tokens, Solana lost more than 1.5 per cent since yesterday. 

Investor sentiments continue to be strong as the crypto fear and greed index remains within the greed zone with a score of 66/100.

CoinDCX Research Team while sharing their insights with Republic said, “BTC and ETH maintained their positions in the last 24 hours. BTC is currently slightly below key resistance at $38,000, and above the $36,250 incline trendline and the 20-day Exponential Moving Average (EMA) important support level. On the other hand, ETH is trading between a support level of $2,011 and a resistance level of $2,130. Altcoins showed a mixed performance, with some experiencing positive movements and others facing declines.”

“It's important to note that the closure of the US market on the previous day contributed to lower activity and reduced volatility in the cryptocurrency market,” CoinDCX added. 

Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, said, “The crypto market seems to be back on track by observing a slow price recovery in the last 24 hours. The global crypto market cap rose by 0.2 per cent and inched toward the $1.5 trillion level.”

“Similar to yesterday’s levels, BTC continues to trade around $37,800. In fact, based on Glassnode data, 70.35 per cent of Bitcoin's circulating supply, inactive on-chain for over a year, has hit a record high, surpassing the previous peak of 69.35 per cent in July 2023. This may represent a strong investor sentiment towards Bitcoin,” added Parth. 

Sudeep Saxena, Co-Founder, CoinGabbar, said, “Bitcoin displayed impressive resilience, rebounding strongly to nearly $38,000 despite the substantial legal challenge resulting in Binance's $4.3 billion fine. Just 24 hours prior, concerns about U.S. legal actions against Binance led to a cascade of long liquidations, causing Bitcoin to hit one-week lows. Currently trading around $37,300, Bitcoin has shown a notable turnaround.”

Edul Patel CEO of Mudrex, highlighted the next targets for Bitcoin. Patel said, “Bitcoin is currently trading near the $37,400 level, amidst an overall positive market sentiment. Bitcoin will now need to overcome the resistance at $37,750, or risk finding support around the $37,000 level. Market participants are now eagerly looking forward to the 2024 Bitcoin halving and the potential approval of a Bitcoin spot ETF in the US. 

Shivam Thakral, CEO, BuyUcoin shared the industry’s anticipation for the Bitcoin ETF. Thakral said, “The crypto market continued its growth trajectory with BTC and ETH showing early signs of an early bull run. The growing optimism around Bitcoin and Ethereum ETFs is creating a lot of excitement among the trading community. According to media reports, the industry is looking at a potential $100 billion market if the proposed ETFs are approved by the SEC. The market indicators are signalling towards a very promising 2024 for the digital asset market.”