Major crypto tokens were trading with a positive bias in Tuesday’s trade. While Bitcoin jumped 9.34% in the last 24 hours and traded at $56,294.83 around 12 pm IST, other major cryptos such as Cardano Ethereum, Tether, Dogecoin, Solana, BNB, Avalanche, Toncoin, XRP and Tron soared up to 6.40%.

Bitcoin reclaimed the $57,000 level for the first time since late 2021 in today’s early trade, supported by investor demand through exchange-traded funds as well as further purchases by MicroStrategy Inc. The digital asset added as much as 4.4% to reach $57,039 before paring some of the jump to trade at $56,473 as of 10:22 am Tuesday in Singapore, Bloomberg reported.

With the rally, Bitcoin managed to breach key resistance at $55,000 after days of consolidation, Vikram Subburaj, CEO at Giottus Crypto Platform said, adding that the recent inflows into ETFs and purchases by MicroStrategy seem to have driven today’s 9% rally. Now trading above $56,000, Bitcoin’s next target at $58,000 will be closely watched by traders for any signs of reversal, Subburaj said.

In his view, Bitcoin’s market dominance has also risen (now at 53.5%) even as altcoins have registered daily gains in the 5-7% range. Ethereum is trading above $3,200 and will look for momentum towards $3,300 and above, he added.

BTC showed the highest one-day gain since pre-ETF days and the rally continues today with an impressive double-digit gain, a CoinSwitch Markets Desk data said, adding that this crypto asset is now at a touching distance of Rs 50 lakh per coin with investors’ growing confidence in this rally for the first time in 2 years. However, he warns that the journey from $57,000 to the previous all-time high of $69,000 may not be easy as BTC will likely face several resistance points on its way starting at $57,500.With Blackrock’s spot Bitcoin ETF trading volume hitting a record $1.3 billion, and halving coming in the next 50 days, analysts are predicting this is an unprecedented bullish factor causing this gain.Another notable performer was the newest Ethereum-based memecoin to be listed on Binance and also, PEPE which is up 56% amid investors’ growing confidence in the crypto space.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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