Crypto Price Today: Bitcoin regains $22,000; Tron, Litecoin, Avalanche rally up to 12%

Bitcoin and other top crypto tokens moved sharply higher during the early Asian hours on Monday as the Federal regulators decided to restore all deposits at failed Silicon Valley Bank (SIVB) in full and an announcement by Fintech Circle to cover any of its stablecoin USDC reserves.

Bitcoin advanced about 8 per cent, regaining $22,000-mark, amid the increased optimism amid the market volatility. Its largest peer Ethereum also posted similar gains and was hovering around $1,600-levels. Altcoins outperformed the blue chips tokens, rallying up to 30 per cent.

In the last 24 hours, most cryptocurrencies have experienced an upward trend, thanks to reports of the government's intention to safeguard all Silicon Valley Bank (SVB) depositors, said Edul Patel, Co-founder and CEO at Mudrex.

"Bitcoin has surged above the $22,000 level after reaching its lowest point since January. The digital currency has gained almost 10 per cent over the previous day. Meanwhile, Ethereum has also experienced an increase in value in line with BTC and is currently trading above the $1,600 level," he said.

Barring the US dollar pegged stablecoin Tether, all other top and popular crypto tokens were rallying sharply on Monday. Litecoin surged about 12 per cent, whereas Tron and Avalanche gained 11 per cent each. Cardano added 10 per cent, whereas Solana was up 8 per cent.

The global cryptocurrency market cap was trading sharply higher, regaining the 1 trillion mark. It jumped 7 per cent to $1.02 trillion in the last 24 hours. However, the total trading volumes declined almost 9 per cent to $72.97 billion.

The cryptocurrency market has seen a mixed performance in recent days, with Bitcoin and Ethereum seeing some upward momentum while stablecoin USDC faced uncertainty due to the collapse of Silicon Valley Bank, said Sathvik Vishwanath, Co-Founder and CEO at Unocoin.

Tech View By Giottus Crypto Platform
Currently, Fantom (FTM) is trading at around $0.39, which is a significant 100% increase in price since the start of the year. It had soared even higher in Feb. but hit a snag. A trendline that began in mid-February had prevented FTM from further upside and had caused the coin to dip by about 40% in a descending trendline that would've given swing traders great opportunities.

While the trendline has just been claimed, many resistances lie ahead for FTM, including multiple fib levels - such as the golden pocket at $0.48. This provides an opportunity for bears - who will aim to push the price towards the next fib support at $0.37.

The support/resistance flip might have changed the market sentiment, indicated by the fact that FTM’s RSI stands at 65. Additionally, FTM's 50-day moving average is situated at $0.47, which presents a 20 per cent upside in the short term.

Key Levels
Resistance: $0.42, $0.47, $0.48
Support: $0.37, $0.30, $0.29

(Views and recommendations given in this section are the analysts' own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)

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