Market overview
The cryptocurrency market cap fell 0.6% over the past 24 hours to $2.35 trillion. The market is still hovering around its 50-day moving average, reflecting a fierce battle for the medium-term trend. Coins mostly fell after renewed caution in traditional financial markets. Today’s leaders are Zcash (+3.1%), Filecoin (+0.9%), and Basic Attention Token (+0.6%). Underperformers include Avalanche (-9.7%), Algorand (-8.6%), and Ethereum Classic (-5.5%).
Bitcoin briefly surpassed $70,000 on Monday but failed to maintain that level, falling to $68.6,000 by Tuesday morning. This represents further volatility within the corrective bounce pattern that the leading cryptocurrency has been trading in over the past two months. The recent price action is a stark reminder of the current market volatility and how difficult it is to change sentiment.
Solana is trading below $80, remaining near its lows since the beginning of the month and at the lower end of its trading range since early February. The coin has not traded consistently below this level since late 2023, and its price is now below its 50- and 200-week moving averages, also indicating a long-term bear market.
News background
The rise in negative comments about Bitcoin on social media has reached its highest level in five weeks. This may indicate a possible trend reversal, according to Santiment.
Only a sustained move above $75,000 in Bitcoin will signal a recovery in structural demand and the end of the downtrend. Otherwise, Bitcoin is at risk of falling to $10,000, according to Mike McGlone, chief strategist at Bloomberg Intelligence.
Bitcoin and dollar-pegged stablecoins exist in a mutually reinforcing “symbiosis” amid growing reliance on crypto assets. The Bitcoin Policy Institute points out that this contradicts the prevailing view that Bitcoin will undermine the dollar.
According to CoinDesk, US financial company Charles Schwab plans to launch trading in Bitcoin and Ethereum in the second quarter. Initially, customers will not be able to transfer cryptocurrencies to external wallets.
The strategy bought an additional 4,871 bitcoins ($329.9 million) last week at an average price of $67,700 per coin, after a week-long pause. The strategy now holds 766,970 bitcoins, purchased for $58 billion at an average price of $75,600 per bitcoin.
BitMine acquired another 71,252 ETH for $152 million over the past week. The company’s reserves reached 4.8 million ETH, which is approximately 4% of the supply of Ethereum.
