On April 27, the cryptocurrency market tended to see its second day of gain after weekend sales proved to be a good buying opportunity for individuals and institutional investors.
The price of petrol after the upgrade of Berlin to the Ethereum network, combined with increased institutional procurement and decentralized financing, pushed the price of Ethereum to a full-time $ 2,680.
Data from the Cointelegraph and TradingView markets show that Bitcoin (BTC) accumulated over $ 54,000 in the early hours of Tuesday’s trading, and now bulls want to break the $ 55,000 resistance level for a potential increase to $ 58,000.
4-hour BTC / USDT chart. Source: TradingView
Since Ether and altcoins are showing signs of strength while BTC’s selection is still limited, there is talk of crypto Twitter as traders wonder if the altcoin season is about to begin.
This rally is similar to previous market downturns.
As highlighted in a recent report by Ben Lilly, co-founder and analyst at Jarvis Labs, the strong 11.5% rally on April 26 looks like a previous recovery in BTC prices from the bottom up.
The power of bitcoin redemption. Source: Jarvis Labs
The purple lines in the chart above represent “the decline in bitcoin futures on a one-year moving basis over a month,” as Lilly points to a possible indication that a breakout may occur in the future.
“Every time before the price changes, the premium on futures contracts a month later was 6-7% more than the spot price.”
Choose alternative currencies as record highs
Daily indicators in the cryptocurrency market Source: Coin360
Several altcoins rose to new heights along with Ether on Tuesday.
Polygon (MATIC) continued its strong rally, collecting $ 0.75 before taking a short break. The symbolic price of Uniswap (UNI) also reached a record $ 40.50 after rising 17% from its lowest on April 26.
The total market value of cryptocurrency is now $ 2.08 trillion, and Bitcoin dominance is 49.5%.