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 collapse 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.
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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.
