Bitcoin Bounces Back to Touch $41,000 Mark, Ether in Green

Cryptocurrency Price Today: Bitcoin on Tuesday, April 19, took a U-turn to touch the $41,000 mark for minutes, before going stable at $40,000 levels. Bitcoin’s recoil was largely a result of volatile markets. Not only Bitcoin, the global cryptocurrency market surged by over 4 per cent, as all major crypto coins rallied on the day. On the other hand, Terra’s (LUNA) stable coin, TerraUSD or commonly known as UST, has pipped USD(BUSD) to become the third largest stable coin in terms of market cap.

Bitcoin price today at the time of writing this article soared by 4.40 per cent to trade at $40,739.16, as per data. Ether price too rose by 4.53 per cent to stand at $3,047.80, according to data by CoinMarketCap. Both Bitcoin and Ether, along with other top crypto coins, contributed to a consolidated rise in the global cryptocurrency market.

“A key indicator of Bitcoin’s recent price rise is the late-afternoon rally in the Nasdaq 100 (NDX) by close to 80 points. Given that Bitcoin is so highly correlated to the NDX in 2022, the cryptocurrency also saw a late flurry in the early hours of April 19,” said Darshan Bathija, CEO and co-founder of Vauld.

“The continued high correlation between BTC and the NDX shows that the crypto is very risk-on. This could be a deterrent to Bitcoin’s recovery as the NDX is 3.5% below its 100-day moving average (DMA) whereas Bitcoin is currently testing its 100DMA,” he added.

“On the 4-hourly daily timeframe, BTC has broken out of the descending channel pattern. The daily RSI has edged closer to 45 as buyers dominated the last two days of trading. The market sentiment for BTC has come out of the Extreme Fear zone and we could expect more buying momentum to follow. The next resistance is expected at $48,600 and an immediate support for BTC is expected at $37,600,” said the WazirX trade desk.

“Terra’s(LUNA) stable coin, TerraUSD or commonly known as UST, has pipped Binance USD(BUSD) to become the third largest stable coin in terms of market cap. This was reflected in the price of its native token, LUNA, as it surged over $92 gaining over 17% in the last 24 hours. Terra has recently been accumulating large quantities of Bitcoin, amounting close to  $2.4 billion, to back its UST stablecoin,” it aded.

Here are the top 10 cryptocurrencies and their prices on April 18, 2022 (data from coinmarketcap.com)

Bitcoin $40,739.16 or 4.40 per cent gain in the last 24 hours

Ethereum $3,047.80 or 4.53 per cent gain in the last 24 hours

Tether $1.00 or 0.01 per cent loss in the last 24 hours

BNB $420.50 or 5.19 per cent gain in the last 24 hours

USD Coin 0.9997 or 0.01 per cent loss in the last 24 hours

XRP $0.7678 or 4.09 per cent gain in the last 24 hours

Solana $102.00 or 5.11 per cent gain in the last 24 hours

Terra $89.16 or 16.07 per cent gain  in the last 24 hours

Cardano $0.9309 or 5.54 per cent gain in the last 24 hours

Avalanche $77.66 or 5.70 per cent gain in the last 24 hours

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