Crypto Market Gains 6.8% As Bitcoin Breaks $ 47,000 Peak

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The crypto market has seen a reversal of fortunes in the past 24 hours as Bitcoin (BTC) rebounded from a crucial support level near the $ 44,000 region. The global crypto market cap closed at $ 2.03 trillion as of 9:00 am IST, with a substantial 6.8% gain from the previous day. At the same time, trading volumes between exchanges increased by 5%.

BTC had a confluence of support at $ 44,000 as channel support and the 20-day exponential moving average (EMA) came together to pull BTC out of the woods. BTC trading volumes soared 22% as investors jumped on the momentum. BTC’s support levels are forming at $ 47,000 and $ 45,500, while $ 48,000 will be its next major resistance. BTC is currently trading at $ 47,100, up 6% from the previous day.

Ethereum (ETH), the second largest crypto by market cap, mimicked BTC price action after having a perfect rebound from its 20-day EMA to $ 2,950. ETH is currently trading at almost $ 3,200, up 7% today. Its short-term support levels are $ 3,050.

Key altcoins rallied sharply today, with Cardano (ADA) topping the charts with a 15% gain ahead of its Alonzo purple upgrade next month. Polygon (MATIC) and Polkadot (DOT) recorded gains of more than 12 percent. The rest of the top 20 have seen gains of 4-9% in the past 24 hours.

BTC is expected to stay above the 200-day moving average at $ 45,500 heading into the weekend as traders look to close their positions given the $ 600 million options expiration today. Altcoins will continue to rally based on BTC price actions.

The best winners today:

Voyager Token (VGX): 33.2% SwissBorg (CHSB): 28.0% Fantom (FTM): 24.0%

Top losers today:

Near Protocol (NEAR): -3.8% Terra (LUNA): -3.2% Quant (QNT): -2.4%

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

Source: CoinMarketCap

Crypto News at a glance:

Global crypto exchange Coinbase launched its trading services in Japan through a partnership with one of the country’s largest banks, Mitsubishi UFJ (MUFG) Financial Group, which will allow 40 million MUFG account holders to access quickly and start buying Bitcoin on Coinbase. Japanese crypto exchange Liquid has reported a security breach with around $ 90 million in digital assets siphoned off the platform. The exchange noted that only the hot wallets were compromised and the remaining assets are moved to a cold store. Online brokerage Robinhood revealed in its earnings report that 62% of revenue based on Robinhood’s cryptocurrency transactions came from Dogecoin (DOGE) in the second quarter, up from 34% in the previous first quarter. United Wholesale Mortgage (UWM), a US-based mortgage lender, reportedly intends to accept cryptocurrency payments later this year, starting with Bitcoin. US biotech firm Spinesmith Holdings, which generates more than $ 15 million in revenue, has decided to convert its balance sheet to Bitcoin as a hedge against inflation.

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