The cryptocurrency market posted high gains for the second day after the weekend’s sell-off that made the market look like a bloodbath.
TradingView data showed that Bitcoin surged above $ 54,000 in the early trading hours on Tuesday. At time of writing, the pioneer cryptocurrency is trading at $ 55,152, a 4.08% gain in the last 24 hours. It appears that the bulls are aiming to break the $ 55,000 resistance to allow for a possible rally to $ 58,000.
Bitcoin Eyes $ 58k
Organic growth has resumed in the BTC market. The spot-driven BTC bounce looks sustainable.
In a tweet on April 27, analyst Lex Moskovski noted that futures funding rates suggest that this week’s BTC price race has been completely organic.
Funding rates are a popular metric for measuring the health of BTC price movements. Basically, they show which traders are on the right side of the bet (long or short): a high funding rate on a platform means that longs are “paying” shorts, while low funding rates imply the opposite.
Negative rates are what analysts are looking for when determining whether a hike is likely to last or expire in the short term.
Conditions are right now: The move to $ 55,000 was likely not driven by speculative trading stocks, Moskovski says.
“The funding is very low and healthy. This increase in Bitcoin came from the point of view and seems sustainable. “He wrote.
Related article | Bitcoin Funding Rates Fall Unchanged for Weeks as Market Stops
The BTC / USD pair surpasses $ 55,000. Source: BTC / USD on Tradingview.com
Alternate season in full swing
Despite the fact that Bitcoin promises to rise in a few days, many of the altcoins are experiencing tremendous growth in price.
Lower gas rates following the Ethereum network upgrade in Berlin coupled with an increase in institutional purchases and decentralized financial activity pushed the price of Ether to a new all-time high of $ 2,680.
Several altcoins saw their prices hit new all-time highs alongside Ether on Tuesday.
XRP saw a significant price increase in the last 24 hours of an impressive 27 percent. The currency was trading at $ 1.43 and was gradually approaching resistance at $ 1.5; There are also two strong supports at $ 1.25 and $ 1.03 should a trend reversal occur.
Aave’s price increased 5 percent in the last 24 hours and traded at $ 402 with a 24-hour trading volume of $ 636 million. The coin is likely to come into contact with a strong resistance at $ 415, a level that was last broken on April 18.
Daily performance of the cryptocurrency market. Source: Coin360
Dogecoin has now become a staple of the top 10 in the cryptocurrency market. On the last day, DOGE saw a marginal improvement in price and was trading at $ 0.26. Unlike the remaining coins, DOGE’s price action remained extremely within range, trading between support at $ 0.25 and resistance at $ 0.30.
Related article | Ethereum gains momentum, here are chances of a run to $ 3K
Polygon (MATIC) continued its strong rally, moving as high as $ 0.75 before taking what appears to be a brief respite. Uniswap (UNI) also saw its symbolic price hit an all-time high at $ 40.50 after a 17% rally from the April 26 lows.
The overall cryptocurrency market capitalization is now $ 2.08 trillion and Bitcoin’s dominance rate is 49.81%.
Featured Image from Pixabay, Charts from Tradingview.com and Coin360