Bullish Sentiment in Crypto Stock as Bitcoin Pushes Price Up by Over 6%

• Bitcoin’s price has increased by over 6% in the last 24 hours.
• BTC is up by about 80% year to date after starting the year.
• The global cryptocurrency market cap has reached $1.24 trillion, reflecting a 5.05% surge.

Bitcoin (BTC), also known as the queen of cryptocurrency and the leading cryptocurrency by market capitalization, has recently attracted the attention of investors in the crypto market. The reason for this recent buzz in the cryptocurrency market is that Bitcoin has managed to push its price up by over 6% in the last 24 hours.

Tuesday witnessed a surge in the price of BTC, propelling it to break through the $28K level. The bulls continued to push the digital asset’s price, enabling it to reach the 30K level. This development is unexpected since Bitcoin has been trading below the 30K level since June 2022.

The price of Bitcoin has soared while investors in the U.S. await the inflation report set to be released on Wednesday. The report will help assess the Federal Reserve’s next steps following the banking sector’s turmoil in March. This event has increased expectations that the central bank will ease the stress on the sector by letting up on rate hikes.

Bitcoin last traded at $30,000 on June 10th, 2022, its price fell, resulting in BTC trading in the $16,000 to $17,000 region for most of 2022. The optimistic feeling in the Bitcoin market has been progressively building since the beginning of the year. Bitcoin’s price rebounded from the 17K mark and briefly traded around 23K. Bitcoin is up about 80% year to date after starting at about $16,600.

As of press time, BTC was trading at $30,213.39, with an increase of 6.17% in the price in the last 24 hours. The bulls have established a support level of $28,316.86 and a resistance level of $30,293.32.

Cryptocurrency Stock is Bullish

The recent surge of BTC to the $30K mark significantly impacted crypto-related stocks such as Coinbase, Block, MicroStrategy, Riot Platforms, and Marathon Digital. As a result, the shares of these companies started trading bullishly. Coinbase Global (Coin) saw a surge of over 4%, while Block (SQ) shares grew by 2%. Additionally, MicroStrategy (MSTR) stocks increased by over 6%, while the shares in Riot Platforms (RIOT) and Marathon Digital (MARA) jumped by approximately 4%.

Consequently, the global cryptocurrency market cap has reached $1.24 trillion, reflecting a 5.05% surge in value over the last day. Moreover, the total volume of the crypto market in the last 24 hours has increased by 70.63%, amounting to $51.23 billion. The volume in DeFi (decentralized finance) stands at $4.50 billion, which accounts for 8.78% of the total crypto market volume in the last 24 hours.

The volume of all stablecoins has now reached $46.38 billion, representing a whopping 90.53% of the total crypto market volume in the last 24 hours. Bitcoin’s dominance, which measures its market share compared to other cryptocurrencies, currently stands at 47.09%, marking an increase of 0.87% over the day.

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