Amidst Bitcoin’s struggles to hit $60,000 since last week, the crypto market entirely is experiencing good times again as it adds $100 billion in a day. The number one cryptocurrency in the last 24 hours has surged by $3,000.
Similarly, the number one altcoin, ETH after Visa announced that it will now settle payments in the USDC stablecoin on Ethereum’s blockchain. The financial giant has opened the door for major payments network to begin using stablecoin as a settlement currency.
The entire crypto market activity have resulted in crypto market capitalization ultimately increasing by $100 billion in a day to $1.830 trillion.
Bitcoin set to revisit $60,000
BTC after its slow recovery over the weekend managed to achieve few days of minor gains. The number one coin which crept out of $55,000 level during the weekend surged to around $58,000 on Monday amidst high volatility.
The surge can also be attributed to global finance firm, Visa which announced it will enable payment settlements using USDC on top of Ethereum. BTC reacted with a rise in the price of over $3,000 in just hours. The price has continued to charge forward trading at $59,147 at press time despite slight retraction during the day.
Technical indicators point that it will face resistance at $60,000, $60,800, and the all-time high of $61,780. Alternatively, the support levels that could assist in case the price slumps again are $57,500, $56,500, and $55,000.
Stablecoins rises to new ATH
Stablecoins have been making the headlines recently for the right reasons. BlockDesk over the weekend reported how USDC use surpassed $600 Billion in Cumulative Transaction Volume. USDC and DAI happen the most used stablecoin and have finally played giant strides in the new ATH the cumulative crypto market cap hit.
Visa’s announcement that they will begin settling USDC transactions on Ethereum was an entire gamechanger for the stablecoin market. After the announcement by Visa, analysis by Cryptoquant showed that the total amount of stablecoins on exchanges has recently reached an all-time high.
CryptoQuant’s stablecoins ratio metric also shows that currently, the amount of stablecoin investors hold are more than the amount of Bitcoin on exchanges. It’s currently at a low last experienced in November.
Ethereum continues to charge Altcoin recovery
It is a no-brainer that with Visa’s announcement it would leverage on Ethereum’s blockchain, the price of the altcoin would experience an upward shift. ETH has surged by roughly 10% in and currently stands above $1,800. This comes 24 hours after the second-largest cryptocurrency struggled beneath $1,700.
Most of the larger-cap altcoins are also in the green. These include Binance Coin (BNB – 2%), Cardano (ADA – 1%), Polkadot (DOT – 4%), Ripple (XRP – 4%), and Uniswap (UNI – 1.5%), Litecoin (LTC 1%). In contrast, THETA (-2.5%) experiences a slight backward shift.
Other smaller-cap altcoins which have gained high are Holo, with a 66% surge. Moreover, HOT is 140% up in the past seven days and currently trades at $0.017.