Crypto Market Gains 7% As Bitcoin & Ethereum Surge

The global crypto market has hit a two-month high of $1.77 trillion driven by significant surges in Bitcoin (BTC) and Ethereum (ETH). The daily increase of 7.4 per cent as of 10 am IST signals renewed investor confidence that a rally towards prior all-time-highs for BTC and ETH are possible this year. Trade volumes had a moderate increase of 4 per cent in the past 24 hours.

Bitcoin (BTC) has rallied past key resistance levels including the 20-week moving average today breaking the range bound price actions over the last two months. BTC closed the day at $43,500, gaining a stunning 8.7 per cent. BTC trade volumes rose by 9.5 per cent and provided momentum to the rally. BTC is now aiming to topple its 200-day moving average at $44,700 which will indicate a rally towards $46,000 and beyond next week.

Ethereum (ETH), the second-largest cryptocurrency, gained a considerable 7.8 per cent to close at $2,970, inches away from the psychological $3,000 mark. The upsurge is attributed to the ETH options markets seeing an uptrend post the London hard fork. Support levels for ETH are forming at $2,770 and $2,640.

All major cryptocurrencies were in the green, driven by BTC and ETH in the broader market. Internet Computer (ICP) stole the show by gaining 37 per cent. Altcoins such as Polygon (MATIC), PolkaDot (DOT) and Solana (SOL) rose by over 8 per cent while Quant (QNT) was the sole loser in the market.

A brief pullback is expected during the weekend post such a rally. However, Bitcoin and the broader crypto market are set to recover most of their losses from May in the upcoming weeks.

Top Gainers today:

1. Internet Computer (ICP): 37.0%
2. Ravencoin (RVN): 35.8%
3. Holo (HOT): 26.6%

Top Loser today*:

1. Quant (QNT): -5.8%

The analysis includes the top 100 coins only as of 10 am IST

*All other coins have gained except QNT

Source: CoinMarketCap

Crypto News at a Glance:

1. Audius, an Ethereum-based music streaming platform, has hit a significant milestone of 5 million monthly users. More than 100,000 artists use the platform and can monetise their work by selling non-fungible tokens (NFTs).
2. Ukraine is reportedly planning to introduce a new bill that will allow payment processors to provide services for crypto-to-fiat conversions.
3. Global exchange Binance has announced restricting access to derivative products to Hong Kong users, giving them 90 days' notice to close their open positions. Meanwhile, Brian Brooks, CEO of Binance.US, has stepped down citing strategic differences.
4. Google Cloud's Big Query, which hosts weather data from U.S. National Oceanic and Atmospheric Administration (NOAA), has integrated with Chainlink (LINK) network for blockchain based smart contracts.
5. Venezuela's central bank has planned to roll out a central bank digital currency (CBDC) in October accompanied by an SMS-based exchange system to facilitate its use.

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