The crypto market has entered a period of new year rally with majority altcoins reaping greens on the price chart. For the second day this week, Bitcoin reflected gains on January 6. The asset price rose by 1.14 percent in the last 24 hours, bringing its value to $93,645 on Tuesday.
Analysts have acknowledged that Bitcoin has moved above the 50-day Simple Moving Average, signaling a potential shift from bearish to bullish.
“Bitcoin has pushed above the important psychological level of $93,000 and is now testing resistance in the $94,000–$94,600 zone. Key support levels are now established around $92,000 and $90,000,” Sathvik Vishwanath, Co-Founder and CEO, Unocoin told Coin Headlines.
Ether clocked a price hike of 1.78 percent in the last 24 hours. At present, the asset is retailing at $3,220. While Bitcoin’s seven day average pricing is up by 8.70 percent, Ether’s is also elevated by 7.53 percent — testifying to the ongoing rally.
“Ethereum is approaching major resistance near $3,200. A confirmed breakout above this level could signal a stronger recovery, though momentum remains somewhat dependent on Bitcoin’s dominance,” Vishwanath added.
XRP has emerged as a stellar performance on the price chart, boasting a gain of nearly 13 percent over the last day. At the time of writing, XRP was trading at $2.40 — with its seven-day average price being up by 29 percent, as per CoinMarketCap.
“XRP is among tokens leading the altcoin rally. Traders attributed the rally to early-year repositioning and optimism following U.S. military operations in Venezuela, which analysts say could eventually lower global energy costs and support Bitcoin mining economics,” Riya Sehgal, the research analyst at Delta Exchange told Coin Headlines.
BNB, Solanam Tron, Dogecoin, Cardano, Chainlink, and Zcash are also among assets trading in the gains on Tuesday.
With institutional activity, regulatory progress, and a broader risk-on environment positioning crypto assets for potential continuation gains through mid-January, analysts say that the overall market’s tone remains constructive.
The crypto market cap rose by 1.75 percent in the last 24 hours to claim the valuation of $3.21 trillion.
“Growing concerns around the U.S. debt reaching a record $38.6 trillion are strengthening Bitcoin’s appeal as a long-term hedge. While market setup remains bullish for now, upcoming macro data like the JOLTS survey and employment report will be key in shaping near-term momentum,” said Akshat Siddhant, Lead Quant Analyst, Mudrex.
Leo, Monero, Litecoin, Avalanche, Hedera emerged among tokens that are trading in small losses.
As per CoinGlass, over 104,240 traders were liquidated in the last 24 hours with the total liquidations hitting $406 million.