Bitcoin and Ethereum hash rates recover, coin prices battle sellers
Crypto market bolstered by Alameda, Jack Dorsey and Elon Musk
With the price of BTC previously on the precipice of a capitulation, Alameda Research has been buying.
The cryptocurrency market continues to rally modestly after yesterday's strong bounce, which coincided with the news that Alameda Research has been purchasing BTC below the $30,000 level.
The market-leading cryptocurrency also continued to rise in value preceding a discussion featuring Twitter CEO Jack Dorsey and Tesla CEO Elon Musk at The B Word — during which the latter noted that he owns ETH while SpaceX owns BTC.
Following these two events, the total cryptocurrency market capitalization is currently up 2.5% over the last day — per data from CoinGecko — while BTC and ETH are up 1.4% and 4.1% over the past 24 hours, respectively. Over the same period, XLM and OKB have led the top 40 altcoins after rising by double-digit percentages.
Further bolstering the cryptocurrency market is the news that rich investors have an appetite for cryptocurrency exposure. According to a survey from Wall Street giant Goldman Sachs, 15% of its family office clients — who represent some of the richest families in the world — have already invested in digital assets, while 45% are looking to make their first investments into cryptocurrencies.
Top altcoin gainers and losers: WAVES leads large-caps
- SNT/USDT +25.22%
- QUN/USDT +24.27%
- WAVES/USDT +13.20%
- UBTC/USDT -5.64%
- AE/USDT -6.52%
- LAT/USDT -7.00%
BTC technical analysis: Catching bids but precarious
The price of BTC is in a precarious position at the moment after catching bids from Alameda Research ahead of a high-profile talk featuring Jack Dorsey and Elon Musk. It is now trading back inside a horizontal range of historical support — either meaning a capitulatory move down is delayed or a new rally is about to get underway.
Traders will be watching BTC's next move carefully, as failure here would almost certainly imply more downside.
ETH technical analysis: Middle of a descending triangle
The price of ETH continues to trade in a large descending triangle against BTC. As of right now, the foremost altcoin is trading in the middle of said triangle, so many traders currently not in a position will be sitting on their hands and waiting for more optimal short entries near the top or long entries near the bottom.
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