Why Bitcoin (BTC), Etherem (ETH) Are Rising Today

Bitcoin and Ethereum were in the green at press time, with the coin trading at the top above the key psychological $30,000 level, as the global cryptocurrency market capitalization rose 3.4% to reach $1.4 trillion.

Price performance of major coins
Piece of money 24 hours 7 days Price
Bitcoin BTC/USD 3.65% -17.4% $31,201.94
Ethereum ETH/USD 6.6% -15.1% $2,363.61
Dogecoin DOGE/USD 5.4% -16.7% $0.11

Top 24 hour gainers (data via CoinMarketCap)
Cryptocurrency % change over 24 hours (+/-) Price
Maker (MKR) +16.3% $1,219.88
Flow (FLOW) +15.7% 3.88
shiba inus (SHIB) +18.3% $0.000016

See also: Best USDC Interest Rates

Cryptocurrencies rallied as equity futures traded in positive territory at press time as investors awaited key inflation data. S&P 500 and Nasdaq futures rose 0.25% and 1% respectively.

April consumer price index figures are due Wednesday morning. Economists expect the CPI to rise 8.1% in the month, down from the 8.5% growth recorded in March.

“The Nasdaq rebound was good news for bitcoin investors, but Wall Street won’t feel fully confident about reinvesting in stocks until the Fed and ECB can signal they’ve got inflation under control” , said OANDA Senior Market Analyst. Edouard Moyain a note seen by Benzinga.

The apex coin faces short-term resistance at $32,500 and then at $35,000. On the other end, it will try to hold $30,000 with $28,500 proving major support, according to Moya.

Cryptocurrency investment company Group of digital currencies CEO Barry Silvert tweeted on Tuesday that he would rather own “bitcoin than anything else in this market.”

Silbert also said he had a “new appreciation for bitcoin boredom.”

Trader in cryptocurrency Michael van de Poppe says the unrestored ankle on TerraUSD (UST) and upcoming inflation data likely explain why Bitcoin is “not bouncing faster.” The trader said he was seeing new lows occurring.

Justin Bennett said Ethereum’s “relative strength” against Bitcoin caught some off guard. The analyst said that a retest of the 0.08 fault zone on ETH-BTC could take place ahead of further downside.

Read more : Longtime Bitcoin bear offers $1,000 to each retweeter if its prediction that BTC will hit $10,000 in 2022 is wrong

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