Bitcoin (BTC) remains there this morning after having its strongest day since Thursday’s post-FTX market crash, closing 5% higher at $18,850 on the BTC/USDT pair.
More than US$175 million in short positions were liquidated following the daily rally, according to Coinglass data.
An intraday high of USD 19,120 was recorded before the bears stepped in. If they continue to take charge, BTC could pull back to USD 18,500.
Any bullish momentum could push BTC/USDT to $19,500, where a strong selling wall currently exists.
Bitcoin (BTC) will take some time to regain pre-FTX levels – Source: currency.com
Ethereum (ETH) yesterday closed 2% higher at $1,415 USD. ETH/USDT has fallen slightly this morning, but the pair is still above the $1,400 price range.
Both ETH and BTC are well above their respective moving averages.
For the first time since early November, the global cryptocurrency market capitalization exceeded US$900 billion. This was helped in no small part by strong price action in the altcoin space.
Cardano (ADA) is up more than 20% weekly, while big altcoins like Porygon (MATIC), Solana (SOL), Ripple (XRP) and Polkadot (DOT) are also posting double-digit weekly gains .
Avalanche (AVAX) remains strong, up nearly 40% to a market cap of nearly $5 billion. The AVAX gathering was in response to news of a major partnership with Amazon Web Services to implement the blockchain protocol on Amazon’s cloud computing platform.
Other top performers include GalaToken (GALA), Aptos (APT) and Decentraland (MANA).