The volatile crypto market, that was leaning towards losses one day ago, has switched sides in the last 24 hours. Bitcoin on Tuesday showed a price hike of 3.61 percent. At the time of writing, the oldest and most expensive token was trading at $70,460 — significantly up from its previous day’s price point of around $68,000.
Market analysts, in conversation with Coin Headlines, attributed Bitcoin’s rebound to the uncertainty in oil prices that has created pressure in the equity markets and gold.
“Additionally, Strategy’s acquisition of over 17,994 BTC further boosted investor confidence. If momentum sustains, Bitcoin could challenge the $74,000 resistance and strengthen the bullish structure. On the downside, $65,000 remains a key level to watch,” said Akshat Siddhant, Lead quant analyst, Mudrex.
Ether price rose by 2.15 percent over the last day. The asset has managed to stay above the $2,000 mark, trading precisely at $2,050 at press time according to CoinMarketCap.
“Ethereum is also showing strengthening momentum after defending support around $1,900. Meanwhile, early signs of capital rotation are emerging as inflows into Bitcoin investment products resume while some profit-taking appears to be occurring in gold.
All of the top ten crypto assets by market cap are trading in profits within the range of one percent to four percent on Tuesday. These included XRP, BNB, Solana, Tron, Dogecoin, and Cardano.
Hyperliquid, Stellar, and Zcash registered higher profits of upto ten percent over the last day to trade at $34.8, $0.1600, and $225 respectively.
The small market rally pushed up the crypto market cap by 3.15 percent, bringing valuation to $2.40 trillion, CoinMarketCap showed.
“Crypto markets have witnessed a sharp rebound. The move appears to be largely driven by a combination of short liquidations, improving global risk sentiment after indications of easing geopolitical tensions in the Middle East, and a pullback in crude oil prices following a brief surge above $100 per barrel,” Riya Sehgal, research analyst at Delta exchange told Coin Headlines. “These developments helped stabilize broader financial markets and encouraged renewed participation in digital assets.”
Over 82,600 traders were liquidated in the last 24 hours with total liquidations hitting $319 million, data by CoinGlass showed on Tuesday.