Bitcoin (BTC) Markets have increased their total value by 4.4% over the past 24 hours as signs of the price bottom appearing and traditional markets showed strength earlier this week.
Bitcoin managed to regain the $31,000 level during US trading hours on Monday, after nine weeks of losses. The move came amid a relief rally in Asian markets, further supported by technical data showing that the asset may have bottomed in the $29,000 to $30,000 range.
cardano‘s native token ADA, on the other hand, has risen close to 25% compared to the previous day, when it was trading above the price level of $ 0.64, leaving other leading crypto assets behind. Key catalysts include an increase in the extraction of local assets on the network (more than five million assets have been minted in Cardano, according to data) and the upcoming Vasil hardfork, a network upgrade expected in June that will increase its scaling capabilities.
price charts, ADA priceIt revealed that the coin has found support at the $0.45 level. The Relative Strength Index (RSI), a tool used by traders to calculate the magnitude of an asset’s price action, dropped to around 33 earlier this week, giving early signs that ADA has bottomed out. However, the token could face a strong resistance at $0.80.
Ethereum (ETH) rose just 5.8% even as gas fees fell to their lowest level. A drop in fees often means falling demand for the network, highlighting the notion that this move may have been driven by traders betting on a market-wide rebound rather than driven by fundamental growth.
XRP, on the other hand, rose 5%. While Avalanche and Solana can go up to 4%. Meme coins Dogecoin (DOGE) and shiba Inu (SHIB) underperformed compared to the broader market and did not perform as desired, increasing by only 3.8% and 2.3% respectively.
Metaverse tokens, on the other hand, recorded a surge in prices. Axie Infinity is up 46% and The Sandbox is up 11%. The growth in AXS came weeks after the “Origin” version of the game was released in April, which created huge demand for the tokens.
The relief in the crypto markets came after the optimism in the Asian markets. The coronavirus cases in China fell below 100 for the first time since the beginning of March, adding to sentiment among traders who believe in a broader economic recovery.
The rally in Asia continued on Tuesday. Hong Kong’s Hang Seng and China’s Shanghai Composite were up more than 0.70% since the start of the session, while US tech-heavy Nasdaq 100 futures were up 0.63%.