Hope has seemingly been restored to the cryptocurrency market, with most coins now in green off some positive news from Tesla and Elon Musk. The last 24 hours have seen these cryptocurrencies surge and hit various intraday highs.
Here is the crypto market outlook for today:
BTC
In the last 24 hours, Bitcoin saw an intraday high of $55,835 and a low of $53,285. The intraday high is an indication that BTC consolidated and the upward retracement is still on course.
There are almost no highlights from the last 24 hours other than the hike in price. A few minutes into writing time, Bitcoin hit yet another intraday high of 56,475. The current high is pumped by the news that Tesla is now accepting Bitcoin as payment for its product.
With most bullish traders entering the market on the news, a stronger market could really follow and possibly see BTC may test $57k in the next 24 hours.
ETH
Treading the same path as BTC, the second-largest crypto-by-market cap, is on the rise as it recorded a gain of more than 2% in the last 24 hours.
The last 24 hours were fun to watch as the Bears and Bulls struggled for dominance. The struggle resulted in the bears having a few moments in the spotlight and utilizing it.
After the sellers brought the price to as low as $1,657, the buyers aggressively bought Ether and caused the price to a new high. There are indications more buyers are entering the market and the price rally may continue.
BNB
The last 24 hours have been dramatic for BNB. At every price level, there was a constant duel between the two factions of traders. When prices crashed to $256, sellers created congestion that made prices sink even more.
The buyers on the other hand were sure to rally the market, but there was no clear break above the $256 mark until the bulls kickstarted a very aggressive campaign against the bears.
At the time of writing, BNB is still rallying, with prices climbing as high as $262. If traders can sustain the surge, BNB may hit $270 in the next 24 hours.
ADA
Cardano was in a major dip in the last 24 hours as the fifth coin by market cap suffered a severe price correction that saw prices hit rock bottom. A price increase is underway, though, much to the dismay of the sellers. In the next 24 hours, ADA buyers must defend the $1.14 support and ensure it doesn’t flip to sustain the retracement to the top.
With the drama that has unfolded so far and Tesla’s news almost singlehandedly rallying the market, it is only logical to expect more and the next 24 hours promises more drama.
