Bitcoin Bulls Struggle for $21K, NEXO Explodes 12% Every day (Market Watch)

Bitcoin continues to commerce in a decent vary of round $21,000 following yesterday’s enhanced volatility, with the asset standing simply inches away from that line.

Most altcoins are barely within the inexperienced right now, with XMR and Apecoin being the very best performers from the bigger caps. NEXO is up by double digits from the lower-cap alts after the latest settlement between the crypto lender and US authorities.

Bitcoin Challenges $21K

Bitcoin’s 2023 has began on a constructive notice, following the violent 2022, and the cryptocurrency lastly reclaimed $17,000 after weeks of struggling under that stage.

This turned out to be the breakout second the asset wanted because it went on a roll within the subsequent a number of days. This resulted in skyrocketing above $21,000 final Saturday for the primary time in about two months.

After a comparatively quiet remainder of the weekend, BTC went on the offensive initially of the working week as soon as once more. This resulted in exceeding $21,600 to make its highest price ticket since September.

The bears intercepted the transfer and pushed bitcoin south by a number of hundred {dollars}. Since then, BTC has been unable to decisively overcome $21,000 as soon as once more and at the moment sits inches away from it. However, there’re now a number of on-chain indicators suggesting the beginning of a brand new bull market.

BTC’s market cap has remained above $400 billion, and its dominance over the alts sits tight at 41.4%.

BTCUSD. Source: TradingView
BTCUSD. Supply: TradingView

NEXO Pumps Onerous

One of many largest cryptocurrency lenders – Nexo – who has been steadily within the information currently, reached a settlement with the SEC and NASAA, agreeing to pay $45 million in fines for breaking native securities legal guidelines. Curiously, this had a constructive impact on the native token’s worth, which is up by 12% prior to now 24 hours.

XMR, HBAR, and APE are subsequent in line by way of every day features, all of which have added as much as 7.5%.

The larger-cap altcoins are calmer, however most are nonetheless within the inexperienced. Ethereum is again to $1,550 following a 1.5% every day improve. Ripple, Cardano, Polygon, OKB, Polkadot, Shiba Inu, Litecoin, and Tron have elevated by someplace between 1-3%.

Binance Coin, which not too long ago went by its twenty second scheduled token burn, is among the many few alts within the pink.

The cumulative market cap of all crypto belongings has added $10 billion every day and is as much as $975 billion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Supply: Quantify Crypto

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Cryptocurrency charts by TradingView.

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