Dip in crypto fails to dent market sentiments

  • April 2, 2024
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Although traders witnessed a sudden dip in crypto on April 2, the overall picture across the crypto market was neutral, with no signs of panic sell-offs or bearish signals.

The broader crypto market trends went through a minor setback after facing a decline on April 2. The dip in crypto also affected Bitcoin, but it stopped at $66,000. It is gradually picking up momentum at the level, but the next 24 hours are crucial for predicting its trajectory. Meanwhile, other altcoins also went through similar movements.

Meanwhile, a crypto analyst at Glassnode, James Check, portrayed his highly optimistic outlook on the current crypto market trends. He said in an interview, “We are transitioning from the enthusiastic bull, which is below the all-time high, generally speaking, into the euphoric bull.” Even though the crypto market has faced hurdles in its rally, the longer-term outlook is thus bright.

Another unique event during the crypto rally has been the uptick in memecoins. Tokens like dogwifhat have surged over the previous month, with its market cap hitting billions. Moreover, trading volumes in the market have relatively increased, indicating rising activity.

Other altcoins could follow suit if BTC does not face further decline and sees a rebound. The likelihood of the crypto market crossing the $3 trillion market cap is also possible this month.

BTC/USD 1D price chart

Bitcoin is currently trading at around $66,800 on April 2, 2024, with BTC/USD trading lower by a margin of 4.3% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.31 trillion in the last 24 hours.

BTC/USD is trading lower than its 20-day EMA (68,540.84), as BTC’s 24-hour volume was at around $40 billion. The global crypto market cap decreased by around 4.57%, trading above $2.51 trillion. BTC’s year-to-date returns are at 58.97%.

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