Crypto Price Analysis 4-23: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, DOGECOIN: DOGE, INTERNET COMPUTER: ICP, ALGORAND: ALGO, BITTENSOR: TAO
The crypto market is surging along with the broader financial market after Treasury Secretary Scott Bessent stated during a closed-door meeting that the trade war between the US and China is unsustainable. Bitcoin (BTC) continued its upward trajectory, crossing $93,000, a key resistance level.
The flagship cryptocurrency is now eying a move to $100,000 for the first time since Donald Trumps return to office. The rally sparked several liquidations, with short traders suffering substantial losses of over $500 million in the past 24 hours. BTC is up over 6% in the past 24 hours, trading around $93,711.
Ethereum (ETH) also posted a significant rally over the past 24 hours and is on the verge of reclaiming $1,800. The worlds second-largest cryptocurrency is up over 13%, trading at $1,788. Meanwhile, Ripple (XRP) is up over 8%, and Solana (SOL) has crossed $150 after rising almost 9% to $151. Dogecoin (DOGE) is up 13%, while Cardano (ADA) is up nearly 12%. Chainlink (LINK), Stellar (XLM), Toncoin (TON), Hedera (HBAR), Polkadot (DOT), and Litecoin (LTC) also registered notable increases. The crypto market cap is up over 6% at $2.93 trillion.
Metaplanet Eyes 10,000 BTC
Metaplanet CEO Simon Gerovich has revealed the firm plans to acquire 10,000 BTC by the end of 2025 and position itself as a leading global Bitcoin treasury. Gerovich shared the update in a detailed post on X, Gerovich said Metaplanet has grown its holdings to 4,855 BTC over the past year to become Asias biggest Bitcoin holder and the tenth largest globally. The CEO also addressed investor concerns about stock price volatility, stating that Metaplanet intends to generate long-term corporate value rather than short-term returns.
We are steadily executing on a clear strategy.
One KPI, Bitcoin holdings per share, has generated an increase of 119% since the beginning of the year to surpass the quarterly target of 135%. Gerovich also credited the companys financial strategy for unlocking an additional 2,174 BTC in value without relying solely on physical BTC purchases.
Investor interest has also surged along with Metaplanets growing BTC cache. Shareholder numbers have risen from under 10,000 to 65,000. Institutional interest has also increased, with Metaplanet shares appearing in ETFs and major indexes. Gerovich stated that the company aims to acquire 10,000 BTC by the end of the year.
Coinbase Actively Considering Banking License
Cryptocurrency exchange Coinbase has confirmed it is considering obtaining a US banking license as crypto firms explore avenues into traditional finance. A Coinbase spokesperson confirmed the news, stating,
This is something Coinbase is actively considering but has not made any formal decisions yet.
The move comes after Coinbase CEO Brian Armstrong noted that based on the volume of funds it manages, Coinbase would rank as the 21st largest bank in the US. Coinbase is not the only crypto firm considering a move into traditional banking. According to reports, Circle and crypto custody firm BitGo are also exploring obtaining full banking licenses. A banking license would allow the crypto companies to operate as traditional banks and offer services like lending, accepting deposits, and more.
A banking license would also grant crypto firms access to Federal Reserve protections and deposit insurance, making customer funds more secure. However, obtaining a banking license involves strict regulatory scrutiny and high compliance costs.
Trump Media Announces Partnership With Crypto.com
Trump Media & Technology Group, the entity behind Truth Social, is expanding its financial offerings with a new partnership with Crypto.com and asset manager Yorkville America Digital. The partnership will offer a series of crypto ETFs and related investment products under the Truth.Fi brand. The new ETFs will combine exposure to digital assets and Made in America securities. Subject to regulatory approval, the investment products are expected to become available to investors in the US, Europe, and Asia through existing brokerage platforms.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) surged past $93,000 for the first time since March as its rally gathered momentum. The flagship cryptocurrency started the week on a bullish note, crossing $87,000 on Monday. The rally gained momentum after Treasury Secretary Scott Bessent conceded that a prolonged US-China tariff faceoff was unsustainable, and he expected a de-escalation soon. President Donald Trump also indicated a climbdown, telling reporters at the Oval Office that he plans to make a deal with China to lower tariffs, stating that the 145% tariff is too high and wont stand.
It won't be that high. No, it won't be anywhere near that high. It will come down substantially, but it won't be zero.
Markets surged as a result, with BTC rising almost 7% on Tuesday to smash past $90,000 and settle at $93,380. The rally led to major losses for traders, with over $581 million in futures liquidations in the past 24 hours, according to data from Coinglass. Short traders bore the brunt of the liquidations, with over $504 million in liquidated positions, with long-term holders starting to accumulate the asset. The Net Position Change for long-term holders suggests they are accumulating more BTC, while short-term holders are selling their holdings. One analyst stated on CryptoQuants Quicktake page,
The Net Position Change for Long-Term Holders (LTH), those holding BTC for more than 155 days, has turned positive for the first time since the local peak [while] short-Term Holders (STH)those holding BTC for less than 155 dayscontinue to offload their positions, with net outflows deep in negative territory.
BTC was confined to a narrow range last week before breaking out on Monday. The flagship cryptocurrency registered a sharp fall last Sunday, dropping almost 2% to slip below the 50-day SMA and settle at $83,776. The price recovered on Monday, rising 1.01% to $84,619. BTC raced to an intraday high of $86,533 on Tuesday but lost momentum after reaching this level, falling 1.08% and settling at $83,703. The price recovered on Wednesday, registering a marginal increase before rising 1.10% on Thursday to cross the 50-day SMA and settle at $84,956. Despite the positive sentiment, BTC was back in the red on Friday, registering a marginal drop and settling at $84,518.
Source: TradingView
Buyers returned to the market over the weekend as BRTC rose 0.61% on Saturday and 0.24% on Sunday to reclaim $85,00 and settle at $85,240. BTCs rally picked up on Monday, rising almost 3% to cross $87,000 and settling at $87,497. Bullish sentiment intensified on Tuesday as BTC surged nearly 7%, going past the 200-day SMA and $90,000 and settling at $93,380. The current session sees BTC up over 1% as buyers look to move past $95,000 and push towards $100,000. With markets rallying, analysts expect BTC to cross $100,000 over the next few sessions. The MACD indicates strong bullish sentiment, suggesting BTC could continue its uptrend.
Ethereum (ETH) Price Analysis
Ethereum (ETH) has gained substantial momentum over the past two sessions, surging past $1,600 as it sets its sights on the $2,000 barrier. ETHs strong bounce from a critical level of support offers hope to the bulls. However, its path to recovery depends on volume support and structural confirmation. ETH found support around $1,550 after experiencing a steep selloff. $1,550 has historically acted as a strong support level, and ETH bounced over 11% from this support level. However, while ETHs recovery is impressive in isolation, investors must remember it occurred within a broader bearish market structure, which has persisted for several months. The sustainability of ETHs latest bounce depends on whether it can support continued upward momentum and break out of the bearish structure.
For ETHs rally to evolve into a structural shift, Ethereum must hold above $1,550. ETH registered a sharp drop last Sunday, dropping almost 3% to $1,596. The price recovered on Monday, rising nearly 2% to reclaim $1,600 and settle at $1,622. However, sentiment changed on Tuesday as the price fell over 2%, slipping below $1,600 and settling at $1,589. Sellers retained control on Wednesday as ETH registered a marginal decline and settled at $1,577. Price action was muted on Thursday and Friday as ETH registered marginal increases and settled at $1,588. Bullish sentiment intensified on Saturday, with the price registering a rise of 1.51% to reclaim $1,600 and settle at $1,612.
Source: TradingView
However, ETH lost momentum on Sunday, dropping 1.63%, slipping below $1,600 and settling at $1,586. Buyers attempted a recovery on Monday as ETH rose to an intraday high of $1,656. It lost momentum after reaching this level and dropped to $1,579, ultimately registering a marginal decline. Sentiment changed on Tuesday as ETH surged over 11%, crossing the 20-day SMA and $1,700 to settle at $1,757. The current session sees ETH up over 2% and trading at $1,793 as it looks to cross $1,800. If buyers retain control, a move to $2,000 is possible.
Solana (SOL) Price Analysis
Solana (SOL) surged past $150 during the ongoing session as it rallied with the rest of the market. SOL has traded upwards since recovering from a dip below $100. The price sharply declined last Sunday but recovered on Monday, rising almost 1% to $129. SOL lost momentum on Tuesday, dropping 2.48% but recovered on Wednesday, rising over 4% to cross $130 and the 50-day SMA and settle at $131. Buyers retained control on Thursday as SOL registered an increase of 2.57% and settled at $134. Despite the positive sentiment, SOL was back in the red on Friday, registering a marginal decline.
Source: TradingView
Buyers returned to the market on Saturday as SOL registered an increase of 4.32% and moved to $139. However, it was back in the red on Sunday, dropping almost 1% to end the weekend on a bearish note at $136, but not before rising to an intraday high of $142. SOL rallied on Tuesday as market sentiment turned bullish, rising almost 9% to $148. SOL has continued its upward trajectory during the ongoing session, with the price up nearly 2% and trading at $151.
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) started the previous week on a bearish note, dropping almost 3% after reaching an intraday high of $0.168 to $0.158. Bearish sentiment persisted on Tuesday as the price fell 3.23% to $0.153. DOGE recovered on Wednesday, rising 1.05% to $0,154, then registered a marginal increase on Thursday to settle at $0.155. Buyers retained control on Friday as DOGE rose almost 2% to $0.157. Price action was muted on Saturday as neither buyers nor sellers could influence the market. As a result, DOGE remained static at $0.157.
Source: TradingView
Sellers gained the upper hand on Sunday, and the price dropped $1.14% to end the weekend on a bearish note at $0.155. Sentiment changed on Monday as DOGE started the week positively, rising 2.38% to cross the 20-day SMA and settle at $0.159. Bullish sentiment intensified on Tuesday as DOGE rallied over 12%, crossing the 50-day SMA and key resistance levels to $0.178. The current session sees DOGE up 1.57% and trading at $0.181.
Internet Computer (ICP) Price Analysis
Internet Computer (ICP) has been trading upwards since bouncing from a low of $4.58 on Wednesday. ICP got off to a bearish start the previous week, dropping 2.59% on Monday and 2.66% on Tuesday to settle at $4.75. Sellers retained control on Wednesday as the price fell to a low of $4.58 before settling at $4.65. Sentiment changed on Thursday as ICP recovered, rising 1.08% to $4.70. Buyers retained control on Friday, with the price rising just over 1% to $4.75.
Source: TradingView
Bullish sentiment intensified on Saturday as ICP registered an increase of 3.58% and moved to $4.92. However, it lost momentum on Sunday, dropping 1.02% to end the weekend at $4.78. ICP continued to decline on Monday, dropping over 2% to 4.77. However, sentiment changed on Tuesday as markets rallied. As a result, ICP surged almost 7% to cross $5 and settle at $5.09. The current session sees ICP up over 1% and trading at $5.16.
Algorand (ALGO) Price Analysis
Algorand (ALGO) registered a substantial jump last Monday, rising to an intraday high of $0.20 before settling at $0.189, ultimately registering an increase of almost 4%. However, ALGO lost momentum on Tuesday, falling nearly 6% to $0.178. Sentiment changed on Wednesday as the price registered an increase of 1.52% and settled at $0.181. Buyers retained control on Thursday as ALGO rose almost 3% to $0.186. ALGO continued to push higher on Friday and Saturday, increasing 1.67% and 1.64% to settle at $0.193.
Source: TradingView
Despite the positive sentiment, ALGO lost momentum on Sunday and registered a marginal decline. The price surged to an intraday high of $0.203 on Monday. However, it could not stay at this level and dropped to $0.192, ultimately registering a marginal decline. Bullish sentiment returned on Tuesday as ALGO surged almost 9%, surging past the 50-day SMA and settling at $0.209. The current session sees ALGO up nearly 5% and trading at $0.219.
Bittensor (TAO) Price Analysis
Bitensor (TAO) started the previous week in the red but has rallied in recent sessions after bouncing from a low of $228. TAO fell 1.52% on Monday and almost 3% on Tuesday to settle at $230. Sellers retained control on Wednesday as the price registered a marginal decline. TAO recovered on Thursday, registering an increase of almost 8% and moving to $248. Bullish sentiment intensified on Friday as the price surged over 10%, crossing the 50-day SMA and settling at $273.
Source: TradingView
Buyers retained control over the weekend as TAO rose over 6% on Saturday and almost 9% on Sunday to cross $300 and settle at $315. TAO encountered substantial volatility on Monday as buyers and sellers attempted to establish control. Sellers ultimately gained the upper hand as the price registered a marginal decline and settled at $314. Markets rallied on Tuesday, and TAO rose 7.67% to $338. The current session sees TAO down almost 1% and trading at $335.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Text source: Crypto Daily™
