Bitcoin, Cardano climb amid signs cryptocurrency market is bottoming

bitcoin with circuit board,3d render

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Bitcoin (BTC-USD) is regaining some strength, rising 3.5% to break above $31K Tuesday morning, after nine weeks of losses. The move comes as strategists and investors see signs that the crypto market is bottoming out.

JPMorgan Chase strategists said the world's largest cryptocurrency is in the early stages of a price recovery and figure that $38K represents bitcoin's (BTC-USD) fair market value.

Cardano (ADA-USD) is surging 25% in Tuesday morning trading in the U.S. to ~$0.66, helped by catalysts including an increase in the issuance of native assets on the network, CoinDesk reports. More than 5M assets have now been minted on Cardano, according to data. The Vasil hardfork network upgrade expected in June would bolster scaling capabilities, it added.

Marcus Sotiriou, analyst at U.K.-based digital asset broker GlobalBlock, noted that crypto funds saw inflows of $87M last week after the previous week saw outflows of $141M. As of last week, the total YTD inflows to all crypto-backed funds came to $0.52B, "remarkably below the same time last year, which was $5.9B," he said.

The YTD positive inflow "indicates that institutions and high net worth individuals have been net buyers throughout this bear market. I think this is further evidence that whilst the current macro headwinds exist, Bitcoin’s (BTC-USD) supply is being transferred from weak hands to those with long-term conviction," Sotiriou said.

Other crypto rising include ether (ETH-USD), +4.2%, XRP (XRP-USD) +5.4%, Binance coin (BNB-USD) +1.2%, solana (SOL-USD) +1.2%.

That, of course, is pushing up crypto-linked stocks in U.S. premarket trading. Marathon Digital (MARA) +8.2%, Coinbase Global (COIN) +5.5%, MicroStrategy (MSTR) +10%, Riot Blockchain (RIOT) +6.9%, HIVE Blockchain (HIVE) +13%, and Silvergate Capital (SI) +3.8%.

SA contributor The Digital Trend recently discussed how bitcoin's (BTC-USD) "realized price" acted as a line of support in previous bear markets

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