Crypto market remains stable, BNB surges 5% on positive news for Binance

Crypto market overview: The crypto market observed another day of buying with Bitcoin and Ethereum surging by around 1 per cent in the last 24 hours. While Binance’s BNB became the highest gainer, Avalanche and Solana lost more than 5 per cent of their market value yesterday. 

The crypto fear and greed index has surged by 2 points to cross the 70-point mark indicating the increasing buying sentiment in the market. 

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CoinDCX Research Team while talking about the market movement in the last 24 hours, said, “BTC and ETH both saw a 1 per cent gain, going back and forth during the day but finishing on a positive note. BTC is currently priced at around $37,500, just below its local resistance at $38,000. On the other hand, ETH managed to surpass the $2011 resistance level and is now holding slightly above it. Due to BTC's sideways movement in recent days, ALT coins exhibited mixed trading.” 

“In noteworthy news, the BNB coin surged by over 7 per cent following reports that the US Government is seeking over $4 billion from Binance to settle a criminal case, according to media reports. This news notably impacted the price of BTC positively.” 

CoinSwitch Markets Desk also shared their view on the market positions. CoinSwitch said, “BTC failed to cross the coveted $37,500 - $38,000 region, as bears have started to smell some profits again in the over-leveraged long traders. Investors predict that Bitcoin may test the $33,500 region again, even if it has to test the $41,500 level first. According to market data, while the total volume of short positions has increased by 177 per cent, the number of long positions has gone up by 157 per cent.”

“With OpenAI founder Sam Altman in the news over the weekend, AI-related tokens have also experienced volatility in the past few days, as Sam’s crypto project Worldcoin, touched its four-month high at $2.71 before returning to $2.25 levels. Other AI-related tokens like RNDR also crossed their 21-month high and have almost doubled in just one month,” Team CoinSwitch added. 

Rajagopal Menon, Vice President, WazirX, said, “Bitcoin, currently standing at $37,000, continues to defy expectations of a correction, fueled by the increasing prospects of ETF approval in early 2024. Institutional interest is extending beyond BTC and ETH, with altcoins like Ripple and Solana experiencing a notable surge in response to increased institutional investments.”

“Despite major market indicators signalling a 'Neutral' sentiment, the anticipation of Bitcoin's price trajectory post-halving is creating a potential lure for additional investors to enter the market,” added Menon. 

Edul Patel CEO of Mudrex told republic, “Bitcoin is trading around the $37,500 level as market participants await word from the US FOMC meeting today regarding the interest rates. Bitcoin’s value has now grown by over 126 per cent from the beginning of the year. Meanwhile, Ethereum has been trading above the $2000 threshold amidst talks about the Spot ETH ETF applications in the US. Amidst the altcoins, Cardano has grown by over 8% in the last week.” 

Crypto market price prediction

Vikram Subburaj, CEO, Giottus gave his insights into the crypto market and gave a detailed overview of how the crypto market can move in the coming days. Subburaj said, “Bitcoin is consolidating in the range between $35,500 and $38,000 this week. If it breaches this range to the upside, a rally towards $40,000 is likely. Key altcoins - Ethereum, XRP, Solana and Polygon - have shed most of their weekly gains as Bitcoin dominance has risen to ~53%. BNB is the lone standout performer among the top 10 crypto assets with a 6% daily gain.”

“Short-term upside targets for key altcoins are Ethereum ($2,100), BNB ($270), Solana ($60), Cardano ($0.4), and Polygon ($0.9),” said Subburaj. 

Another development came in terms of the acquisition of Coindesk, as one of the world’s leading crypto-focused media companies was acquired by a crypto exchange called Bullish. The exchange is led by an ex-NYSE president. Coindesk is one of the most influential companies in the crypto space as they were among the first to report the FTX fiasco, and also infamously the recent fake news of a spot BTC ETF approval.