On Monday, the cryptocurrency market showed signs of relaxation after tension due to positive news from the Asia-Pacific financial markets. Noteworthy announcements emerged, revealing that prominent investment firms like China Asset Management, Bosera Capital, and HashKey Capital have secured approval from Hong Kong’s Securities and Futures Commission to introduce Bitcoin and Ethereum spot Exchange-Traded Funds (ETFs).
Approval of this could bring more investment into Bitcoin and Ethereum via ETFs, potentially leading to an increase in flow. In the past day, Bitcoin’s price has risen by 3%, Ethereum and Solana have climbed by 7%, while Binance Coin and XRP experienced a boost of 5%.
Many leading cryptocurrencies are attempting to reach a local minimum point. In response, investors who have been sitting on the sidelines might look for chances to buy and hold again.
1) Bitcoin (BTC)
Bitcoins (BTC) are the original and most recognized type of cryptocurrency, functioning on a decentralized system called blockchain, which is a network of computers. Bitcoin’s unique selling point is its groundbreaking use of blockchain technology, making it secure and transparent by keeping a public record of all transactions on an unalterable digital ledger.
The Bitcoin price has been hovering between $61,500 and other levels for more than a month before the scheduled halving around April 20th. During this period of pre-halving stability, the price has proven resilient, bouncing back twice in daily charts after dips below $61,500.
In the past two days, Bitcoin’s price has significantly increased by 7%, reaching a new level of $66335. The total value of Bitcoin in circulation currently exceeds one trillion dollars, while its daily trading volume hovers around $43.17 billion.
If the asset’s renewed recovery gains ground, buyers need to push past the $68,000 mark where the 20-day Exponential Moving Average (EMA) lies, in order to have a stronger hold on it.
2) Toncoin (TON)
Toncoin (TON) is the homegrown digital currency of the Open Network, initially conceptualized by Telegram’s founders but presently managed by an autonomous community. The objective is to construct a swift, adaptable, and uncomplicated blockchain system.
Despite the recent downturn in the cryptocurrency market, the Toncoin price has persisted in its upward trajectory, following an ascending trendline. Even amidst last weekend’s market sell-off, Toncoin bounced back from its support trendline, indicating continued interest and accumulation of this asset during the market dip.
The cost of TON is now at $7.06, representing a significant 37% increase over the past three days. This growth has boosted TON’s market capitalization to an impressive $24.6 billion, securing its place among the top ten largest cryptocurrencies.
According to the pivot points, buyers of Toncoin might encounter resistance at $8, which is a potential area for selling, followed by a flat level of resistance at $10.
3) Dogwifhat(WIF)
A meme crypto called Dogwifhat (WIF) on the Solana blockchain represents a Shiba Inu dog donning an endearing pink beanie. Despite the recent market downturn, WIF has demonstrated remarkable tenacity, maintaining values above the $2 psychologically significant level.
Within just two days, the value of the memecoin WIF surged 52% due to renewed interest and demand, now trading at $2.96. A significant factor contributing to this increase was OKX, a prominent offshore exchange, announcing support for spot trading of the coin.
OKX, the second largest offshore exchange, announced that it will launch memecoin WIF and MEW spot trading. OKX recently suddenly changed its style and listed a large number of coins. The reason is unknown.
— Wu Blockchain (@WuBlockchain) April 15, 2024
Before the deadline, the Dogwifhat cryptocurrency has a market value of approximately $2.96 billion and a trading volume of around $969.2 million. If buying pressure persists, the coin price may surpass its current trendline, indicating a continuation of the uptrend.
An alternate expression for this could be: Each day’s graph indicates prices may face resistance at $4.3 and $4.8, while possible support lies at $1.95 and $1.65.
Key Takeaway
This week, the highly anticipated Bitcoin Halving is projected to occur. Despite the ongoing geopolitical tensions in the Middle East, the crypto market has displayed remarkable strength, with Bitcoin holding steady above $61,500. Although volatility is likely this week, savvy investors should remain vigilant and monitor support levels to potentially purchase their preferred cryptocurrencies at lower prices.
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2024-04-15 16:06