BTC Over $30K, ETH & SOL Soars While U.S. Economy Gains Momentum

Good news for crypto BTC crossed $30K, ETH crossed $1900, and Solana gained 8.27%. Is the market rebooting? After a long and harsh crypto winter and relative downfall, crypto is finally waking up from its slumber and has started moving forward. Adding to the good news, the total crypto market cap jumped by 3.40% to $1.23 trillion, and the U.S. equities traded fairly.

BTC, ETH, & SOL are gaining momentum

When writing, Bitcoin was trading at $30,028.13 with a gain of 6.25%, its value against ETH was 15.64ETH with a hike of 2.88%, and its market cap gained 6.25% to $580 billion, while trading volume climbed 82.37% to $22.9 billion. This price point is the highest since June 10, 2022; sadly, the darling cryptocurrency lost almost 80% last year.

This significant rise represents BTC as a haven asset for hedging during inflation and recession. The apparent motive behind creating Bitcoin is finally coming to fruition; further price movement would heavily depend upon regulatory developments and upcoming economic data.

Ethereum, while writing, was trading at $1,915.96 after gaining 2.85%; its value against Bitcoin dropped by 2.99% to 0.06384BTC. The market cap jumped by 2.82% to $230 billion, and its volume increased by 40.80% to $9.2 billion. A major reason behind this gain can be the Shapella upgrade going live on April 12, where stakers would now be allowed to un-stake their assets.

When writing, Solana (SOL) was up by 8.27% to $21.98, and its value against Bitcoin hiked by 2.00% to 0.000732BTC. Market cap gained 9.17% to $8.5 billion; its volume massively rose by 199.13% to $453 million. Possible reasons could be attributed to the introduction of “state compression” on April 6, aimed at reducing the on-chain storage costs for NFTs.

These factors pushed the complete crypto market capitalization to $1.23 trillion after gaining 3.40% in the last 24 hours. The trading volume massively gained 40.50% to $41.68 billion in the same time frame. The following events of positivity may make the market soar as the industry revokes from last year’s losses and sufferings.

Positive news of the US market

After a long weekend, the U.S. equities closed in mixed quarters, mainly because investors are waiting for evident data releases that are expected through the week. The US consumer price index is scheduled on April 12, and the U.S. producer price index on April 13.

Interestingly the S&P 500 hopped by 0.10%, Dow Jones Industrial Average jumped 0.30%, and the Nasdaq Composite Index dipped by 0.03%. Employment rates in the United States dropped by 0.35% in March, which is lower than the expected rate of 3.6%, suggesting a more robust economy.

Overall the market sentiments seem positive. A slower economy and fear of recession could be handled if this continues.

Disclaimer:

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.