Cryptocurrency Market Update: Bitcoin Surpasses $88,000 Amid Bullish Trends

The cryptocurrency market capitalisation is currently at $2.74 trillion, with a slight decrease. However, Bitcoin has surged past $88,000, with experts predicting potential movements toward $90,000 and beyond. Ethereum and other altcoins exhibit positive trends, underscoring a bullish sentiment across the market, driven by various technical indicators and trader confidence.

As of April 22, the cryptocurrency market capitalisation stands at $2.74 trillion, reflecting a minor decline of 0.30% within the previous 24 hours, based on CoinMarketCap data. Conversely, total market volume has risen by 28.69% to reach $86.64 billion. Notably, stablecoins represented $81.9 billion, comprising 94.54% of the entire crypto market volume, while DeFi trading recorded $6.55 billion, equating to 7.56% of the total volume.

Bitcoin, the foremost cryptocurrency by market circulation, has showcased a 0.63% increase in trade volume over the last day, elevating its market dominance to 63.68%. At last check, Bitcoin’s price was $88,142.63, marking a 0.72% rise from the prior day, with a market capitalisation of $1.75 trillion, which is a 0.75% increase, and a trading volume of $37.58 billion.

Ethereum’s Ether, the second-largest cryptocurrency, climbed by 4.20% to $1,579.57 on April 22, with its market capitalisation resting at $190.67 billion, reflecting a 4.22% upward shift, alongside a trading volume of $14.36 billion. Tether, the leading stablecoin, remained stable at $0.9999, linked to the US Dollar, and it holds a market cap of $144.72 billion, effectively doubling Bitcoin’s trade volume at $67.56 billion, as per the data.

The Solana token, favoured by former President Donald Trump, has risen to $139.03, achieving a market capitalisation of $71.9 billion and a trading volume of $3.82 billion. Edul Patel, co-founder and CEO of Mudrex, attributes Bitcoin’s price rise to enhanced global liquidity, revived institutional interest, and a growing M2 money supply, along with notable inflows into Bitcoin spot ETFs over $300 million and the acquisition of 6,556 BTC by Strategy.

CoinSwitch Markets Desk reported that Bitcoin surpassed $88,500 earlier on April 22, currently trading above both its 20- and 50-day moving averages. CoinDCX’s Research Team observed a transition into bullish territory concerning Bitcoin’s technicals. Avinash Shekhar, co-founder and CEO of Pi42, expressed optimism that Bitcoin could approach the $90,000 milestone, citing factors such as halving momentum and robust trader sentiment.

Riya Sehgal, a research analyst at Delta Exchange, identifies this period as crucial, noting Bitcoin’s current trading just beneath the 200-day Simple Moving Average at $88,357, indicating a key technical level that distinguishes between long-term bearish and bullish scenarios. She highlighted that Bitcoin’s recent breakout from its downtrend suggests a healthy recovery, with potential movement towards $93,000 if support at $85,000 holds.

Shekhar concurs with increased trader confidence, as Bitcoin reclaims $87,500 and Ethereum ventures toward the $1,500 resistance level. The market is observing heightened activity, with prominent altcoins, including Dogecoin, also on a steady upward trajectory, suggesting a cautious yet optimistic outlook for investors. Overall, bullish sentiment prevails across the crypto market, bolstered by robust technical indicators and enhanced participation.

Sehgal noted Bitcoin’s resilience, framing its image as a safeguard against economic instability. Should Bitcoin decisively breach $88,800, it could pave the way for an upward rally towards the $92,000 to $94,000 range.