The global crypto market made strides today as it stood at $1.40 trillion during morning hours. As optimism in the market revived, crypto investors contributed to the market volume in the week’s second half. This comes after the earlier week’s low of $1.16 trillion. Meanwhile, Bitcoin entered its fourth day of the relief rally, testing the resistance of the $34,500 level for the first time in almost a fortnight. BTC closed the day around the $34,000 mark, along with a 2.3 percent gain on the last day. But on the other hand, trade volumes fell by 14 percent as well. Driven by billionaire Elon Musk’s remarks from earlier this week, Bitcoin crossed its third resistance level at $33,650, as the new support level forms at $32,100. Just yesterday, Bitcoin was rallying towards $34,000 after successfully retesting the support level of $31,900 on Friday.
Meanwhile, Ethereum continued to race upwards after it successfully crossed the $2,000 level. It marched towards $2,200 before ending the day at $2,160, totaling an increase of 1.5 percent. Exchanges saw a considerable rise in trade volumes as excited investors contributed further liquidity before the EIP-1559 blockchain update. Ethereum is getting closer to its upcoming resistance level at $2,180, while the $2,200 support level is yet to be tested.
Amidst the 20 highest-ranking altcoins according to market cap, Theta steered the green run with a gain of 14 percent over the day. Meanwhile, Cardano, Dogecoin, Polkadot, and Polygon made marginal gains. The remaining stayed in the red, counting losses of up to 5 percent.
In terms of shares, Bitcoin is a dominating force, owning a share of 46.1 percent of the market cap. According to the weekly timeframe, the popular cryptocurrency closed off with a gain of 7 percent despite the lows at the beginning. Among the top-ranking 100 cryptocurrencies, Axie Infinity, Telcoin, and Theta registered weekly gains of 107, 61, and 34 percent respectively.
Axie Infinity owns the buzz of the week as the play-to-earn gaming token saw a gain of 120 percent in the past week. This impressive gain skyrocketed its position to the top 40s in cryptocurrency lists. Yesterday, the token gained an impressive 45 percent.
According to analysts, this steady momentum is set to continue within the upcoming week. Current indicators suggest that if Bitcoin sustains above the $34,000 level, it could potentially run towards the $40,000 level. In other Bitcoin-related news, New York-based asset management company, Stone Ridge Asset Management, registered with the US Securities and Exchange Commission for their upcoming Bitcoin fund. As part of their post-pandemic investment strategy, the company bought 10,000 BTC in October 2020.