Crypto Markets News: The largest cryptocurrency in the world reached a summit of $ 107,995 on May 21, but remained between the levels of 106 and $ 107,000 during the day, according to CoinmarketCap data.
At the time of writing time, Bitcoin was $ 106,706.27 up 1.50% compared to the day before, with a market capitalization of $ 2.12 billion, up 1.50% day by day and down 2.04% to 53.65 billion dollars.
According to the Coinwitch market office, it is the first time since January that Bitcoin has exceeded the level of $ 107,000 and is 2% of its top of all time, while the optimistic moment has intensified.
“Bitcoin Futures Open Interest increased 10.65% from last week to $ 74.35 billion, led by Binance with $ 12.28 billion, signaling an increasing leverage on the market. Institutional demand also played a role yesterday, with an ETF BTC spot recording entries of $ 41.7 million, said their hison.
Himanshu Maradiya, founder and president, CIFDAQ noted that the cryptocurrency market “remains in a consolidation phase”.
Perspectives for Bitcoin: experts have long -term growth
According to Alankar Saxena, co-founder and CTO of Mudrex, Bitcoin continues to take momentum, briefly testing the level of $ 107,000 as the bulls maintain control.
“The Net Delta volume on the main exchanges has become positive, reflecting the growing demand for the point. Historically, an increase in punctual demand has often led to market highs, driven by rapid feelings. In particular, the Bitcoin offer on exchanges fell to 7.1%, the lowest since November 2018, indicating the increase in investors’ confidence and an evolution towards long -term maintenance. ”
He expects this reduction in sales pressure to indicate the increase more. “Currently, negotiating nearly $ 106,800, BTC faces resistance at $ 108,000, with support for $ 105,000, preparing the way for its next potential escape,” noted Saxena.
According to Alex Kuptsikevich, market analyst at FXPro, Bitcoin is driven up by a host of retail investors, who also lead the US stock market. “Small actors do not care that the American economy slows down, and the Fed will not reduce rates. Traders buy the S&P 500 and digital assets simply because they are increasing … Traders are not particularly concerned about the fact that Bitcoin increases, the number of fraudulent transactions increases,” he said.
Bitcoin of all time getting closer?
The Coindcx research team thinks. “After the Bulls managed to reorganize a strong increase before the day closure. Despite a small drop in volume, the markets increased, which indicates a drop in lower interference,” he noted.
Riya Sehgal, research analyst at Delta Exchange agrees, she estimates that the rebound from $ 103,000 to $ 106,000 shows “a solid interest in buyers at lower levels”, and that the emphasis will now be potentially evolved around $ 110,000 and new heights of all time. “However, until this level is convincingly violated, the market can continue, allowing healthy accumulation,” added Sehgal.
Although he has not talked about heights of all time, Kuptsikevich also believes that “if the resistance at 107K is broken, there is more chance of restoring the upward trend”.
Ethereum surprising Bitcoin? Details
Meanwhile, the second largest Ethereum token increased by 0.35% in the last 24 hours to $ 2,529.76, when writing time, with a market capitalization of $ 305.41 billion and a negotiation volume of $ 22.59 billion, according to CoinmarketCap data.
The Coinswitch market office noted that the token is close to the level of $ 2,500 and is negotiated above its 50 and 100 days mobile averages. In fact, according to Sehgal, he showed a stronger relative force, earning almost 60% in the last month and surpassing Bitcoin.
“Ethereum is negotiated around the $ 2,500 mark, a key psychological resistance. While structural indicators such as the golden cross and the ascending trend lines suggest an upward configuration, the data points on the chain for short -term overheating. BTC greater than $ 105,000 to support the bullish momentum.
Harish Vatnani, trade chief in Zebpay, Ethereum has seen oscillations, from recent stockings from $ 1,385 to $ 2,738 in an increase in prices of 97%: “The asset currently faces a high resistance at $ 2,850. If it breaks and closes above this level with good volumes, we can expect prices at further $ 3,000 and $ and $.
On other altcoins, Coindcx noted that Litecoin, Cardano and Solana, do not reach their respective resistance, while the best winners include PI, official Trump and Fartcoin, with gains from 10% to 13%. Meanwhile, Pyth Network leads the losers with more than a 7% drop, followed by Story and Litecoin with 4% each.
Coinswitch also noted that in DEFI, “Aave has solidified its domination by exceeding $ 24 billion of total locked value (TVL), now representing 20% of the entire TVL of DEFI’s”. According to Investopedia, TVL is a metric used in the cryptocurrency sector to determine the total value of the US dollar for digital assets locked or jealous, on a particular blockchain.
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