On Tuesday, the cryptocurrency market was trading in a mixed bag. Bitcoin, Ethereum, XRP, and Cardano were all up, while BNB, Litecoin, Polkadot, and Solana were down.
Bitcoin (BTC) gained 1.17% to $31,021, while Ethereum (ETH) fell below $1,950. BTC volume in the last 24 hours was roughly $16.17 billion, representing a 47.24% increase in the last 24 hours.
“The cryptocurrency market experienced a remarkable surge in the last 24 hours, with a total volume of $37.82 billion, representing a 25.34% increase.” Notably, the DeFi sector contributed $2.94 billion, accounting for 7.78% of total market volume,” BuyUcoin CEO Shivam Thakral said.
“Adding to the excitement, Bitcoin surpassed the $31,000 mark, driven by the euphoria surrounding the application for a Bitcoin ETF. This achievement further fuels optimism and interest in the cryptocurrency market,” he added.
The global cryptocurrency market cap was around $1.22 trillion, up 0.97% in the previous 24 hours.
Bitcoin, the world’s largest cryptocurrency, had a market cap of around $602 billion. According to CoinMarketCap, Bitcoin’s dominance is currently 49.56%, up 0.18% from the previous day.
“It has been nearly two weeks now that BTC has been trading in the range of $30 – $31.5k. BTC’s stability hints towards a weakening grip by the bears. It is now a matter of when instead of ‘if’ BTC will cross the psychological resistance of $31.5k and mark a 14-month high again,” Shubham Hudda, Senior Manager at CoinSwitch, said.
“Bitcoin must break its resistance at $32,400 to fructify this rally in the near term,” said Vikram Subburaj, CEO of Giottus Crypto Platform. A rally to $35,000 could also represent a local high. BTC dominance is consolidating above 51% and has the potential to break out to the upside after this phase.