The crypto markets have enjoyed moderate gains following the surge in equities observed on Friday.
Bitcoin (BTC) closed above US$17,000 on Sunday for the first time since mid-December and has managed to add another half a percent to US$17,200 in this morning’s session.
However, the test will be maintaining bullish support above US$17,000, which has proved impossible ever since prices fell in the wake of the FTX collapse.
Bitcoin’s next logical point of resistance will be US$17,300 before attempting to break above US$17,500, but historically low trading volumes remain a sticking point.
Bitcoin (BTC) makes gains on the daily chart – Source: currency.com
Ever the more volatile of the two benchmark cryptocurrencies, Ethereum (ETH) closed 2% higher on Sunday and has enjoyed another 1.5% run this morning.
Currently changing hands at US$1,310, the ETH/USDT pair faces a strong sell wall at US$1,350 that could prove difficult for the bulls to break above.
Solana (SOL) continues to outperform in the large-cap altcoin space, having posted double-digit gains for two consecutive days now, bringing its market capitalisation to two-month highs of nearly US$6bn.
Cardano (ADA) is also on a roll with nearly 30% added to its market cap in the past week. While SOL’s rally can be attributed to Binance head Chamgpeng Zhao’s endorsement and the launch of trending Solana-native meme token Bonk, ADA’s rally is more of a mystery.
That said, Cardano founder Charles Hoskinson recently announced the launch of Hoskinson Health & Wellness Clinic, set to open next month with ADA accepted as payment.
All other major altcoins, including Litecoin (LTC), BNB, Polygon (MATIC) and Dogecoin (DOGE) are also in the green.
Global market capitalisation across all crypto assets rose 3% to US$849bn in the past 24 hours, while total value locked across all decentralised finance (DeFi) protocols rose 2.5% to US$41bn.