Bitcoin (BTC) and other cryptocurrencies traded higher on Tuesday, as recent bearish sentiment appears to be fading.
Most alternative cryptocurrencies (altcoins) outperformed bitcoin, indicating that traders have a greater appetite for risk. For example, THORChain’s RUNE token has increased by 11% in the last 24 hours, compared to a 2% increase in BTC during the same period.
Meanwhile, decentralized finance (DeFi) tokens like AAVE and EOS increased by more than 7% on Tuesday.
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Sentiment among crypto traders is also beginning to improve, as evidenced by a slight increase in the bitcoin Fear & Greed Index on Tuesday. Nonetheless, some buyers are staying away as BTC trades in a narrow range between $32,000 (R481k) and $46,000 (R 692k).
Stocks rose as the 10-year Treasury yield rose toward 2.9 percent, a level not seen since late 2018. Gold, a traditional safe-haven asset, has fallen in price in the last 24 hours, indicating a slight risk-on tone in global markets. Bitcoin’s price range
According to blockchain data compiled by Glassnode, a significant amount of bitcoin supply has been accumulated between the $38,000(R 573k) and $45,000(R 677k) price range. Price “value” zones, or areas with a high level of trading activity, typically precede strong price breakouts or breakdowns.
“Despite another two months of sideways consolidation,” Glassnode wrote in a blog post, “a large proportion of the market appears unwilling to spend and sell their coins, even if their coins are held at a loss.” This suggests that price-insensitive traders own a large portion of bitcoin’s supply above the $40,000 (R 602k) price level.
Long-term price momentum has deteriorated thus far, so it remains to be seen whether traders will continue to find appealing buying points between $35,000(R 526K) and $42,000(R 632k). A breakout or breakdown of the current price range is required from a technical standpoint to confirm a trend shift.
The chart below depicts a volume profile of bitcoin’s price range over a year. The midpoint currently indicates short-term support at $38,590(R 581k). The most recent price range is defined by high-volume nodes between $32,000 (R481k)and $50,000(R 752k) which typically coincides with prolonged periods of accumulation or distribution.
However, the recent drop in buy volume relative to selling volume may indicate a lack of conviction among bitcoin buyers. If the current range is broken, secondary support is seen at $27,000(R 406k) and $23,500(R 354k). A roundup of altcoins
Terra’s LUNA rises 11% as UST becomes the third-largest stable coin: Terra’s LUNA outperformed the overall crypto market, rising by up to 11% in the last 24 hours.
Following lifetime highs of $120(R 1800) earlier this month, the price fell nearly 37% in the first two weeks of April. During the late hours of Monday, Terra’s algorithmic stable coin UST surpassed Binance USD (BUSD) to become the third-largest by circulation.
The BNB chain burns over $770 million(R 116bn) in BNB tokens: According to tracker data, BNB Chain will burn over 1.8 million Binance coins (BNB) in its first burn this quarter. On Tuesday, at 08:23:05 UTC, the burn was carried out on the BNB Chain.
The Ethereum Foundation has $1.3 billion(R 19.6bn) in ether and $300 million(R 4.5bn) in non-crypto investments: The Ethereum Foundation reported Monday that it had more than $1.6 billion(R 24.1 bn) in treasury assets at the end of March. ETH, the world’s second-largest cryptocurrency by market capitalization, was held for nearly $1.29 billion(R 19.4bn). As of March 31, this accounted for more than 0.297 percent of the total ether supply. Other cryptocurrencies accounted for approximately $11 million (R 165m)
