As Tuesday’s trading activities commence, Bitcoin (BTC) continues to remain in a stable position, with current prices at around US$30,400, after witnessing a modest increase of 0.3% during the morning trade in Asia.
The strong demand for BTC, as indicated by substantial buy orders at US$30,000 on Binance’s depth chart, bolsters the cryptocurrency’s bullish tendencies. However, selling pressures at levels of US$31,000 and US$31,500 are anticipated to pose some resistance to its upward movement.
Lately, there’s been a surge of interest in the Bitcoin derivatives market, indicated by significant recent activity. The open interest in BTC futures currently stands at US$10.4bn, mirroring levels observed early in 2022, just before the onset of the cryptocurrency downtrend.
Institutional investment continues to be the primary force driving the recent bullish sentiment around Bitcoin. This is further spurred by BlackRock’s application for a spot Bitcoin exchange-traded fund in the US.
Furthermore, the EDX exchange, bolstered by institutional investments from financial giants such as Charles Schwab (NYSE: SCHW), Fidelity, and Citadel Securities, has sparked renewed interest in Bitcoin, the world’s premier cryptocurrency.
Ethereum has not quite kept up with the recent surge in Bitcoin’s value, even though it has seen a decent increase of around 8% on a week-to-week basis, in comparison to Bitcoin’s 13% growth.
Litecoin and Bitcoin Cash Surpass Others Litecoin (LTC) is one of the major cryptocurrencies that is currently keeping pace with Bitcoin, experiencing a surge of 14.5%, which has pushed its market capitalization close to US$6.5bn.
Contrary to other competitors like Solana (SOL), Ripple (XRP), and Cardano (ADA), LTC has successfully avoided the potential regulatory enforcement threats. Due to this, the recently established EDX exchange has decided to list LTC along with Bitcoin, Ether, and Bitcoin Cash (which is a derivative of the original Bitcoin protocol).
Litecoin, the 11th largest cryptocurrency by market cap and a derivative of the original Bitcoin code, is widely used as a payment mechanism and is one of the most common cryptocurrencies for point-of-sale transactions.
Meanwhile, Bitcoin Cash (BCH), a smaller cap cryptocurrency, has seen its value skyrocket by over 100% since the launch of the EDX exchange.
The global cryptocurrency market capitalization currently stands at about US$1.18tn, having grown close to 10% over the past week.
