Major coins traded in the green on Tuesday evening as investors appeared to rekindle their enthusiasm for digital assets.
|Cryptocurrency||Gains (+/-)||Price (Recorded 9:30 p.m. EST)|
What Happened: The crypto markets kicked off on a hopeful note this Tuesday, as Bitcoin regained its position above the vital $30,000-mark. Additionally, Ethereum showed gains by crossing the $2,100-mark twice in three days, with a brief dip below the threshold before resuming its ascent.
At the time of writing, the global crypto market capitalization stood at $1.25 trillion, down over 1.51% over the last day.
U.S. stock market saw a subdued finish as investors sifted through numerous earnings reports and their potential implications for the economy. The S&P 500 index showed a slight upward movement of 0.09%, with the Nasdaq Composite settling at 12,153.41, down a marginal 0.04%.
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News Highlights: During a Congressional hearing on Tuesday, SEC Chairman Gary Gensler was asked about Ethereum, and whether or not it should be classified as a security. Despite repeated questioning, Gensler did not provide a definitive answer. However, he has previously stated that he views Bitcoin as a commodity, like gold or wheat, and believes that the majority of other altcoins should be classified as securities, which fall under the same category as stocks and bonds.
Analyst Notes: Edward Moya, senior market analyst at OANDA, said, “Bitcoin is back above the $30,000-level as risk appetite returns and optimism grows that new investment is coming back into the cryptoverse. Bitcoin appears like it might consolidate here, but a rally above $31,500 could open the door to some momentum trades.”
Moya added, “One big positive development for crypto has been the 54 deals that took place in the first quarter, which just edged the 53 deals saw in fourth quarter of 2021. If confidence is back to invest in the space, that could lead to more steady flows into crypto funds.”
Crypto analyst Michael Van de Poppe suggests that for Bitcoin, it would be ideal to maintain a price point of above $29,500 and then aim to retest the range high at $31,000.
Pseudonymous analyst Kaleo said Dogecoin is steadily approaching the HTF resistance level and there’s a chance we see a meme pump for DOGE. The chart plotted by Kaleo shows $0.28 levels for DOGE as a magnet, but before reaching these levels, DOGE will rebound to $0.16.