May 30, 2024

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Bitcoin is recovering cautiously, and altcoins are bouncing

Bitcoin is recovering cautiously, and altcoins are bouncing

The cryptocurrency market is still recovering from the severe collapse that occurred a few days ago. Tensions between Israel and Iran have unnerved the market, but in the meantime Bitcoin's price has stabilized somewhat. Altcoins are also turning green, with a very sharp increase here and there.

Crypto Radar: Bitcoin price makes a small jump, AI crypto booms

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A look at the crypto market

The total market cap, i.e. the value of all cryptocurrencies together, rose 3.2% today to $2.51 trillion In the last 24 hours.

Bitcoin is currently for sale at €61,117 on Dutch cryptocurrency exchange Bitvavo. Over the past 24 hours, this was an increase of 0.35%, so it is almost negligible. On the Dubai-based Bybit exchange powered by SATOS, the price reaches $64,760.

This is already well above the low of just under $60,000 on Sunday evening, but pressure on the price is still high. It is now important to get back above important resistance levels as quickly as possible. According to analyst Ivan Lagana of Crypto Insiders Premium, the first major level is between $66,000 and $68,000:

“Bitcoin collapsed over the weekend. The price seems to be recovering now, but we are facing strong resistance again. The area between 66K and 68K is crucial for bulls to break through. If we do not break this level, it looks like we will continue “in decline.”

Faster risers, including RNDR

There are several climbers in today's top 50 who, despite current sentiment, are in the green by double digits. These are the 5 fastest climbers today:

  • Render (RNDR) rose 18.9% to $9.08
  • GRT rose 12.5% ​​to $0.270
  • Fetch.ai (FET) stock rose 8.8% to $2.23
  • Bitcoin Cash (BCH) rose 7.8% to $518.51
  • Arbitrum (ARB) stock rose 7.1% to $1.12

Considering sentiment, these are all very good increases. However, if we zoom out, we see that all of these top 50 coins are still deep in the red over the past seven days.

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The most difficult falls, including TAO

Bittensor (TAO) and LEO Token (LEO) are the ones that declined the most and are the only ones in the last 24 hours in the top 50. These two altcoins are down 4.7% and 1.2%, respectively.

The fact that only two altcoins out of the top 50 altcoins are in the negative state shows that there is a serious “bounce” in the altcoin market. Altcoins in particular fell hard during the crash, but almost all of them rose sharply again immediately. However, there is still a lot of work to be done to return to pre-crash levels.

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The most important crypto news of the past day

The biggest news today concerns the approval of Bitcoin and Ethereum ETFs on the Hong Kong Stock Exchange. It's big news out of Asia and had a positive impact on the cryptocurrency market almost immediately.

Chinese asset management apps, among others, have been approved for trading by the Hong Kong regulator. It is an important step towards further adoption of cryptocurrencies in Asia. Also important in the context of the ban on cryptocurrencies that remains in effect in China.


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