The cryptocurrency market witnessed a welcome rally today, April 15, after a turbulent weekend triggered by the escalating Israel-Iran conflict. Leading crypto asset Bitcoin (BTC) led the recovery by surpassing the critical $65,000 mark. Other leading altcoins such as Ethereum (ETH), Cardano (ADA), Solana (SOL), and XRP also participated in the rally and made significant gains.
Bitcoin weathered the storm
Bitcoin, which dropped to $61,500 over the weekend, showed resistance and recovered. At the time of writing, it is trading at $65,327.78, reflecting an increase of 1.40%. Despite the positive movement, trading volume decreased by 27.48% in the last 24 hours, falling to 42.14 billion dollars. However, Bitcoin’s market cap remains strong at $1.28 trillion. Ethereum (ETH), the second largest cryptocurrency, mirrored Bitcoin’s positive trend.
ETH rose 2.85% to $3,160.39, giving its market capitalization of $379.45 billion. However, similar to Bitcoin, transaction volume witnessed a decrease of 32.77% in the last 24 hours. Other notable gainers include Solana (SOL), which rose 6.76% to $152.10, and XRP, which rose 2.49% to $0.5642. Cardano (ADA) and Binance Coin (BNB) also showed modest gains. Even meme coins known for erratic price movements have benefited from the market recovery. Dogecoin (DOGE) and Shiba Inu (SHIB) are up 2.37% and 1.42% respectively.
ONDO defies NEO bearish trend
The coins that increased the most in the top 100 by market value are shown in the image below. First of all, NEO attracts attention because it gained 35% value. Additionally, Ondo (ONDO), an Ethereum ecosystem token, has defied the trend and emerged as one of the top gainers today. It witnessed an impressive rise of over 22 percent. Its price then rose to an all-time high of $0.9767. However, transaction volume decreased by 22.31%.
Market comment from Willy Woo
Well-known Bitcoin analyst Willy Woo shed light on current market conditions. It identified a critical support level at $58.9 thousand. He emphasized that breaking this level would indicate a change towards a bear market. However, Woo believes the recent sell-off has likely peaked, paving the way for a potential rally. It uses the Cumulative Value Delta (CVD) indicator, which measures market orders, to gauge investor sentiment.
While Woo expects a bullish phase, he warns it could take a few weeks for that to happen. The Bitcoin halving event, planned to take place this week, is another factor that will increase volatility. Despite the prevailing uncertainty, Woo highlights two potential upside levels on a macro scale. So the analyst is pointing to a degree of optimism. Notably, Woo disclosed his own buying activity during the recent test of support, reflecting his confidence in Bitcoin’s long-term prospects.
As a result, the cryptocurrency market is in the process of recovering from recent geopolitical tensions. While short-term volatility remains a possibility, analysts like Woo believe fundamentals remain solid. The upcoming halving event and the broader economic environment will likely continue to influence market movements in the coming weeks. cryptokoin.com As we always state, investors are advised to be careful and conduct extensive research before making any investment decision.
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