Bitcoin rallies at $ 40,000, crypto market jumps back above $ 1.5 billion

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Ethereum swells by 6%; top 20 cryptocurrencies post significant gains

In a dramatic surge, Bitcoin (BTC) broke through the $ 38,000 mark this morning after approaching the $ 34,000 level for most of the day. A wild hour early in the morning today saw a 10% gain (over $ 3,000 in price increase) as $ 100 million shorts were sold off during that time frame. BTC futures on the Binance exchange briefly hit $ 48,000. Speculation that Amazon would allow crypto payments later this year may have led to the sudden increase.

BTC trading volumes between exchanges have grown phenomenally by over 62% today as a result of the recovery. BTC closed the day at $ 38,170, gaining 12% at 9:00 am IST.

Thanks to the momentum of BTC, the global cryptocurrency market cap closed at $ 1.52 trillion after registering a significant 8% increase from the previous day, marking the highest close in more than ‘a month. Trade volume jumped 28 percent today.

Ethereum (ETH) inflated its gains by more than 6% to exceed $ 2,300, breaking through the psychological resistance level at $ 2,200. ETH has gained 23% over the past seven days and is expected to continue its bull run in the coming days if it breaks the $ 2,400 mark.

All of the top 20 cryptocurrencies posted significant gains at the close of the day. Dogecoin (DOGE) led the pack with a 15% gain, followed by Chainlink (LINK), Polkadot (DOT), Polygon (MATIC), among others.

BTC’s remarkable advance also increased its dominance to 48%, with a gain of over 2% during the day. If BTC continues to hold above the $ 38,000 level, it can potentially test its twenty-week SMA (simple moving average) at levels of $ 43,000 in the coming days.

The best winners today:

Amplifier (AMP): 49% BitTorrent (BTT): 22.7% Zilliqa (ZIL): 20.4%

Top losers today:

Flow (FLOW): -6.1% Theta Fuel (TFUEL): -2.9% Stacks (STX: -1.6%

The scan includes the top 100 coins only from 9:00 a.m. IST

Source: CoinMarketCap

Crypto News at a glance:

Amazon, the e-commerce giant, plans to integrate Bitcoin and crypto payments by the end of 2022 according to an anonymous source. The FTX exchange reduced its leverage limit to all users from a previous 100x to 20x now amid growing criticism of margin trading as the main cause of volatility in the crypto markets. Binance also lowered the leverage limit for new users last week. Aave’s lending platform recently announced that Ampleforth (AMPL), an algorithmic stablecoin with an elastic bid, has been introduced to its ecosystem. China appears to have plans to implement the use of the digital yuan during the 2022 Beijing Winter Olympics.

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