2 years ago
112 On September 23, the bullish optimism appears to be on the rise across the crypto markets as prices continue to recover greatly from this week’s volatility. The volatility came due to lots of regulatory pressure on the crypto industry and the Federal Open Market Committee (FOMC) meeting on the Federal Reserve’s interest rate hikes and monetary policy.
Also, fears that the Evergrande situation may ripple out to affect the global financial markets also resulted in a drop in the general crypto market. The price of Bitcoin rallied to reach $44,800 and seems to be consolidating above $44,000 with analysts saying that it is getting ready to aim at converting the $45,000 resistance into support once more. The surge in prices came shortly after Twitter introduced a new cryptocurrency tipping service.
Data acquired from TradingView shows that after trading within the $43,000 to $44,300 range in the early trading hours, the flagship crypto spiked past $44,800 in the early afternoon session and now seems to be getting ready to breach the $45,000 resistance zone.
BTC/USDT 4-hour chart. Source: TradingView
The timing of that spike is believed to coincide closely with Twitter’s announcement that users can now tip other users with cryptos like Bitcoin thanks to the integration with Strike. This Strike is a payment app that is powered by the Lightning Network. It supports low-cost Bitcoin transactions.
BREAKING: Twitter is launching Bitcoin Lightning Network tipping functionality on iOS.
— Pomp 
(@APompliano) September 23, 2021
That development came as the momentum throughout the crypto space was already surging with the biggest altcoin Ether (ETH) rising back above $3,100 once more. Data also indicates that the Ether balance that is held in the reserves of most major crypto exchanges has recorded another all-time low.
Altcoins Re-awakened
The altcoin space is currently firing on all cylinders once more as competition in the Layer-1 segment heats up with projects like Avalance (AVAX), Terra (LUNA), and Cosmos (ATOM) making significant gains in terms of prices. They have managed to attract many new users due to lower-cost transactions and quick processing times.
Daily cryptocurrency market performance. Source: Coin360
Notably, the top gainer in the past 24 hours is Celer (CELR) which saw its price explode by 52% to reach a new all-time high of $0.14. Celo (CELO) gained 24% and was trading at around $7.80 for the day.
Some of the other performances that were considered include a 20% rally from Origin Trail (TRAC), a 21% gain for Tezos (XTZ), and a 23% gain for COTI. The general crypto market cap now hovers around $1.999 trillion, and bitcoin’s dominance rate is pegged at 42%.
