Market & Analysis

What comes next in crypto market resurgence

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Cryptocurrency market has finally up momentum to push higher mostly across the board recovering billions of dollars for patient hodlers on the back of an uptick in dip-buying and renewed risk-on sentiment.

Despite slight drift from near US $45,000 in the past day, the most popular cryptocurrency, bitcoin is still holding strong around the US $43,500 mark, with all altcoins at levels not since May.

As of press time, Bitcoin (BTC) is changing virtual hands at US $43,600, Ether (ETH) at US $2,950, ripple (XRP) at US $0.79, Binance Coin (BNB) US $341, cardano (ADA) at US $1.42, Dogecoin (DOGE) at US $0.24, ChainLink (Link) at US $22.75, UniSwap (UNI) at US $26.35, Polkadot (DOT) at US $19.42 and Stellar (XML) at US $0.28.

Much of the trade volume , as seen in the small size of transactions, is being driven by retail traders and speculators who are continuing the high level of engagement that began since early 2021, and new entrants who may be looking to jump in and ride the explosive uptrend seen in some of the cryptocurrencies recently.

The crypto price resurgence led by Top Ten coins by value has so far recovered almost $250 billion to the market over the past week, defying concerns that the U.S. could be about to pass far-reaching bitcoin and cryptocurrency tax reporting legislation.

It is not rules out that the most popular crypto asset could continue its upward push to US $50,000 although there are early signs of the stiff resistance. From technical aspect, managing to hold above the US $40,000 psychological level  in the coming days is vital as bulls will have to maintain above the 100-day moving average to sustain any upside traction.

On the flip side, the pullback will pull bitcoin back to its previous stronghold range of between US $30,000 and US $40,000.

Risk Warning: Cryptocurrency is a unregulated virtual notoriously volatile asset with a high level of risk.  Any news, opinions, research, data, or other information contained within this website is provided for news reporting purposes as general market commentary and does not constitute investment or trading advice. 

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