Excluding US dollar-tied Tether, top digital tokens traded higher early on Tuesday. Avalanche and Binance Coin gained about 4%, whereas Solana, Bitcoin, and Terra gained 2%.
Despite the ongoing war between Russia and Ukraine, some virtual coins saw slight increases from lower levels, while individuals largely stay off risky assets. Investors remain concerned about increasing energy prices and inflationary pressures globally.
Excluding the US dollar-tied Tether, leading assets in the crypto spectrum noted upticks on Tuesday. Avalanche and Binance Coin gained nearly 4%. Meanwhile, Solana, Terra, and Bitcoin surged 2% each.
The upside price movement had the global crypto market value climbing to $1.73 trillion, reflecting around a 2% upswing within the past 24 hours. Meanwhile, total crypto trading volume gained 25% to $85.5 billion.
Expert Viewpoint
Bitcoin and Ethereum saw slight upswings following the weekend’s decline. Mudrex executive Edul Patel commented, saying that Bitcoin exhibits oversold conditions on its intraday charts. The CEO believes the support floor at $37K can steady the price pullback.
He added that investors seem to avoid high-risk assets due to the current war between Ukraine and Russia. Nevertheless, most cryptos joined the green region within the previous 24 hours.
Global News
The Ukrainian government received over $50 million in crypto donations since Russia kicked off a full invasion on 23 February. Ukraine used the cryptocurrency contributions to buy military equipment, including night-vision goggles and bulletproof vests.
On Sunday, Paul Grewal of Coinbase (COIN) confirmed the platform is blocking 25K Russian-connect cryptocurrency addresses, believed to conduct illegal activity.
New investment inflows into cryptocurrency funds jumped 3X within the past week, hitting 3-month peaks. That is despite European products recording outflows.
Tech Views
Cardano is a layer1 blockchain delivering top-notch smart contract functionalities and dApps with secure cryptocurrency transactions.
ADA, the platform’s native coin, saw downtrends after the massive run-up that pushed to $3 in 2021 Q4 from $0.25. Nevertheless, 2022 proved negative as the altcoin continued downswings, recently hitting the $0.745 lows.
However, ADA shows recovery signals as it appeared to flip a resistance trend-line to support the floor and currently back-test the level. Such cases might see Cardano climbing to the resistance around $1.13 in the upcoming weeks.
