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Crypto Outlook

  

-BTC: $72,448.39

-ETH: $3,629.43

-XRP: $0.6084

-LTC: 105.30

The worldwide crypto market is currently valued at $2.70 trillion, showing a slight increase of  4.24%  in the past 24 hours. During this period, the total crypto market activity reached $82.2 billion, marking a 40.22% increase. In the decentralized finance (DeFi) sector, the volume stands at $8.44 billion, contributing 10.26% to the overall crypto market activity within the last day. Stablecoins make up a significant portion, totalling $73.36 billion and representing 89.25% of the total crypto market volume in the past 24 hours.

As for Bitcoin, its dominance has risen to 52.82%, showing a slight increase of 0.09% during the day.

BTC: BTC price increased by 4.46% and 4.38% over 24 hours and the past seven days.The asset reached a low and high of $68,920.41 and $72,572.78, respectively.

Genesis, a bankrupt cryptocurrency lending firm, converted 36 million shares of the Grayscale Bitcoin Trust (GBTC) into Bitcoin to settle debts with creditors. The conversion occurred on April 2, with each GBTC share valued at approximately $58.50 during liquidation. Earlier, the U.S. bankruptcy court approved the share sale when shares were valued at $38.50.

The liquidation yielded a substantial $2.1 billion revenue for Genesis. They promptly used these funds to acquire 32,041 Bitcoin at a price of $65,685 per Bitcoin, aiming to fulfill their obligations to creditors. The acquired Bitcoin is currently valued at approximately $2.18 billion.

BTC Technical Analysis:

Today, Bitcoin made a notable move upwards, surpassing the $72,000 mark. This ascent was facilitated by a breakout from a triangular consolidation pattern, defined by a resistance line linking the highs of March 15 and March 27, and a support line connecting the lows of March 20 and April 3.

This breakout, characterized by bullish sentiment, positions Bitcoin for a potential climb above $80,000 in the upcoming weeks.

The momentum for this breakout was partly fueled by a surprisingly robust nonfarm payrolls report. This report has encouraged risk-taking behavior across various sectors of the financial market, setting a positive backdrop for Bitcoin’s upward trajectory.

  Support  Resistance
S168702R170103
S268061R270863
S367301R371504

ETH: ETH price increased by 7.07% and 2.31% over 24 hours and the past seven days. The asset reached a low and high of $3,370.41 and $3,628.71, respectively.

VanEck’s senior digital assets investment analyst, Patrick Bush, and digital assets research head, Matthew Sigel, delve into the transformative potential of Layer 2 blockchains for Ethereum’s scalability and performance. As a leader in smart contracts, Ethereum faces scalability challenges due to rising transaction fees and processing times during peak usage.

The analysts anticipate that Layer 2 networks will leverage Ethereum’s constrained processing capacity to unlock fresh avenues for innovation and growth within the blockchain ecosystem. Notably, Optimistic Roll-Ups and Zero-Knowledge Roll-Ups play pivotal roles in enhancing Ethereum’s transaction processing capabilities while maintaining security and decentralization principles. An important recent development is Ethereum’s Dencun upgrade, which introduces the novel “Blob” feature to reduce data posting costs and enhance Layer 2 operations financially.

ETH Technical Analysis:

The technical analysis of Ethereum currently displays a bullish trend, highlighted by significant buying pressure as it approaches the resistance level at $3,665. This optimism is further supported by mainly positive Moving Averages (MAs), alongside a generally positive but varied outlook from oscillators, suggesting a strong bullish momentum.

ETH may undergo a brief consolidation phase as it gathers strength for its next move upwards. Breaking through the current resistance could trigger a strong upward trend, potentially surpassing previous pivot zones at $3,784 and ultimately aiming for recent high around $4,090.

  Support  Resistance
S13379R13494
S23304R23534
S33265R33608

XRP: XRP price increased by 1.78% and decreased by 0.55% over 24 hours and the past seven days. The asset reached a low and high of $0.5891 and $0.6099, respectively.

The SEC’s motion to impose a $2 billion fine on Ripple caused significant volatility in XRP prices. Whale investors swiftly sold over 290 million XRP coins (worth approximately $180 million), leading to a 13% decline since March 29.

XRP’s price is expected to stabilize around $0.60, awaiting a decisive breakout above critical resistance levels. Meanwhile, industry insiders like Brad Garlinghouse predict the entire cryptocurrency market could reach a new milestone of $5 trillion in total capitalization. Additionally, Marshall Beard, COO of Gemini exchange, foresees a surge in Bitcoin prices to $150,000 later this year, driven by regulatory clarity, ETF adoption, and supply dynamics. Overall, optimism for sustained market growth remains high.

XRP Technical Analysis:


XRP’s current price action indicates a clear uptrend on larger time frames, despite a recent rejection at the 0.75 resistance level, leading to a slight pullback. We view any pullbacks towards the 0.55- 0.58 area, marked by the 200-day Moving Average (MA), as prime buying opportunities. A break above this could further open the path to 0.92.

This bullish momentum was initially signaled by a breakout from a descending channel pattern, marking a reversal to a bullish trend.

In terms of support and resistance levels, the nearest support zone stands at 0.55, which previously acted as resistance, followed by 0.46. On the upside, the immediate resistance zone is at 0.75, with the next target at 0.92.

  Support  Resistance
S10.58871R10.60139
S20.58282R20.60818
S30.57603R30.61406

LTC: LTC price increased by 2.22% and 0.27% over 24 hours and the past seven days. The asset reached a low and high of $99.91 and $105.84, respectively.

In the latter part of March, Litecoin made a significant leap, crossing the $105 mark. Despite some fluctuations during the month, it has garnered considerable attention. This impressive surge in LTC’s price hints at the possibility of a new all-time high (ATH) in the coming months. Rumors abound that Litecoin’s recent rally is closely tied to the United States Commodity Futures Trading Commission (CFTC) classifying it as a commodity in a lawsuit against the KuCoin exchange. As a result, LTC reached $109, representing a remarkable 32.92% increase over the past month.Given this recent performance, Litecoin has emerged as one of the top altcoins to keep an eye on.

LTC Technical Analysis:


Litecoin continues to exhibit a bullish trend, however, the price has recently retraced to the $95 level, which acts as a significant support zone. This retracement presents a compelling opportunity for buying, offering a short-term upside potential of approximately 20% to the $115 level, and a mid-term growth to the $130 mark.

On the other side, the immediate support zone is found at $95, followed by a deeper support level at $80.

  Support  Resistance
S199.082R1104.612
S296.911R2107.971
S393.552R3110.142

Vantage does not represent or warrant that the material provided here is accurate, current, or complete, and therefore should not be relied upon as such. The information provided here, whether from a third party or not, is not to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any financial instruments; or to participate in any specific trading strategy. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. We advise any readers of this content to seek their own advice. Without the approval of Vantage, reproduction or redistribution of this information is not permitted.

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