Earlier this week, Bitcoin showed indications of bottoming out with the overall cryptocurrency market value up by 4.4 percent in the last 24 hours.
On Monday, after nine weeks of losses, Bitcoin reclaimed the $31,000 level in US hours. That move coincided with a relief bounce in Asian markets and technical data indicating that the asset may have bottomed out between $29,000 and $30,000.
With a 17 percent surge to nearly 64 cents on Tuesday, Cardano’s ADA coin led gains among cryptocurrency majors.
According to the price chart, ADA found support at 45 cents. Early this week, the Relative Strength Index (RSI), a metric used by traders to calculate the magnitude of an asset’s price move, plummeted to nearly 33, indicating that ADA was nearing a bottom. However, at 80 cents, the token may face significant pushback.
Even as gas prices plunged to new lows, Ether (ETH) gained 5.8%. A decrease in network fees usually indicates a decrease in network demand, implying that the move was driven by traders banking on a market-wide recovery rather than fundamental growth.
The value of XRP has increased by 5%. The combined value of Avalanche’s AVAX and Solana’s SOL was 4%. Dogecoin (DOGE) and Shiba Inu (SHIB), both meme coins, had minimal gains, climbing only 3.8 percent and 2.3 percent, respectively, to trail the market.
Metaverse tokens had a price increase in other places. Axie Infinity’s AXS is up 46%, while The Sandbox’s SAN is up 11%. The rise in AXS occurred just weeks after the game’s “Origin” version was released in April, causing a spike in interest for the tokens. The number of Coronavirus infections in China has fallen below 100 for the first time since early March, giving investors hope for a broader economic recovery.
On Tuesday, Asia’s rise remained strong. Since the start of the session, Hong Kong’s Hang Seng and China’s Shanghai Composite have risen more than 0.70 percent, while Nasdaq 100 futures have up 0.63 percent.
