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Bitcoin leads crypto market gains as Omicron variant fears temporarily ease

Bitcoin leads crypto market gains
Justinas
Baltrusaitis
6 months ago
3 mins read

The cryptocurrency market turned green on Monday, with most assets surging to shrug off last week’s widescale correction that spilled over to the weekend. 

The market corrected courtesy of various factors, including the World Health Organization’s official warning about Omicron, the new strain of Covid-19, along with regulatory concerns in India. The recovery has been boosted by the news that the new variant presents mild symptoms. 

After dropping by almost 20% in the last ten days, Bitcoin was trading at $57,120 by press time, gaining almost 5% in the last 24 hours. On the other hand, Ethereum saw a price recovery of over 5% to trade at $4,307.

Interestingly, Ethereum was among the best-performing assets during the weekend, registering gains of about 10%. The gains by the two top assets resulted in the market cap rebounding to above $2.5 trillion.

The global crypto market cap. Source: CoinMarketCap

Among the top ten cryptocurrencies by market cap, Solana is the biggest gainer in the last 24 hours at 7.22%.

Altcoins have also not been left behind, with Cardano, Chainlink, Ripple, Polkadot, and Litecoin gaining value over the past 24 hours. 

Meme coins have also made slight gains, with Dogecoin trading at $0.20, making gains of 2.38% in the last 24 hours. Elsewhere, ‘Dogecoin killer’ Shiba Inu is up almost 2% over the same period. 

Top ten cryptocurrencies by market cap. Source: CoinMarketCap

Overall, Bitcoin’s last week’s correction dragged along the smaller coins attempting to find their way into the green zone. Most assets continued to trade below their respective resistances, suggesting that bears were selling aggressively.

Bitcoin price

BTC/USD one-day chart. Source: CoinMarketCap

The maiden cryptocurrency is currently looking at surpassing the crucial $60,000 mark. Notably, Bitcoin began the previous week trading in the territory of $58,000. As of Thursday, the asset almost hit $59,000 before being knocked hard by investor fears over the latest Covid-19 variant before felling to as low as $53,400. 

The current Bitcoin price means the asset will potentially test a 1-day supply zone, extending to trade above $60,000. Contained within this resistance area is the last week’s high at $59,608, just below the $60,000 psychological level. If the crypto ends the day above $60,000, it will confirm a short-term bullish outlook.

Ethereum price

ETH/USD one-day chart. Source: CoinMarketCap

Elsewhere, following last week’s crypto market correction, Ethereum also plunged by about 14% from its all-time high of $4,884. The crash offered Ethereum a support level around the $3,900 mark.

However, the second-ranked cryptocurrency earned a 10% upswing to $4,380 over the weekend. Although the asset has temporarily corrected from this mark, investors can potentially expect ETH to cut through $4,500 in the coming days.

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Justinas Baltrusaitis
Author

Justin crafts insightful data-driven stories on finance, banking, and digital assets. His reports were cited by many influential outlets globally like Forbes, Financial Times, CNBC, Bloomberg, Business Insider, Nasdaq.com, Investing.com, Reuters, among others.

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