By Franklin Smith
Barring USDC, all crypto assets traded higher on Tuesday. Solana gained more than 9%, while Polkadot and Avalanche surged 7% and 8%, respectively. Meanwhile, Bitcoin, Ethereum, Cardano, and Binance Coin surged up to 5%.
Cryptocurrencies printed strong and swift rebounds following the weekend bloodbath. Nevertheless, muted volumes show crypto market woes continue to dent investor sentiment. The past day had Bitcoin reclaiming the $20K mark.
While writing this content, the bellwether crypto changed hands at $20,889, gaining 4.95% over the last 24 hours. Also, most alternative tokens recovered impressive gains.
News about imminent recession, industry turbulence, and geopolitical worries have deteriorated the new asset class, translating to massive wealth destructions. Excluding the USDC stablecoin, all cryptocurrencies presented surges on Tuesday.
SOL gained 9%, while Polkadot and Avalanche surged 7% and 8%, respectively. Also, Bitcoin, Binance Coin, Cardano, and Ethereum gained around 5% each.
The overall crypto market capitalization hovered around $902 billion, gaining over 3% within the past 24 hours. On the other hand, the global crypto trading volume declined by approximately 9% to $71.71 billion.
Expert View
Bitcoin and most cryptocurrencies flashed uptrends early today as buyers might have purchased weekend dips. Bitcoin maintained an upside stance after reclaiming the crucial $20K mark on Monday, according to Mudex’s Edu Patel.
Patel added that Bitcoin lost around 22% over the previous week, regardless of ongoing upticks. That means sellers still dominated the markets. Meanwhile, he believes another selling wave might see Bitcoin securing a support barrier at $17K.
Giottus Tech View
Polkadot developers designed the blockchain as a Web3 interoperable multichain network. Polkadot’s parachains allow cross-chain transfer of data, tokens, or assets. The platform’s governance token DOT traded at $7.8, losing 85% since its $55 November ATH.
DOT appears to squeeze into a plunging wedge setup, with bears still trying to drag prices further lower. That displayed oversold conditions for the altcoin. Bullish trend reversals usually follow falling wedge patterns.
Polkadot price tried to overcome the long-term trend-line resistance multiple times since May. The altcoin tests the resistance one more. A break past the $8 hurdles can push DOT towards the 50-day Simple Moving Average. Meanwhile, another rejection will see the asset hitting the support at $6.5.