Bitcoin and Ethereum flirt with pre-FTX levels, Decentraland (MANA) surges on Australian Open tie in

The cryptocurrency markets continue to show buoyancy despite global market capitalisation failing to break above US$1tn after flirting with the barrier for the past three sessions.

Bitcoin (BTC) added another 1.5% on Monday, closing the session above US$21,000 for the first time since early November, in those bright days before FTX’s implosion crashed the entire sector.

Bitcoin bears looked in control on Tuesday morning, with the BTC/USDT pair remaining just below US$21,200.

Bitcoin (BTC) tests the pre-FTX resistance point – Source:

The real test will be breaking above the US$21,300 resistance line, which is where the pair was changing hands just prior to the November collapse.

Ethereum (ETH) also closed 1.5% higher on Monday, though the second-largest cryptocurrency has further to go before cancelling all of its post-collapse losses.

Currently changing hands at US$1,565, the ETH/USDT pair needs to stabilise above US$1,650 to truly prove it’s back in the game.

Filecoin (FIL) has emerged as a top mover in the altcoin space, with the decentralised cloud storage protocol added over 25% in the past week.

But the strongest gains go to Decentraland after the Australian Open chose the play-to-earn game to host the tennis tournament’s interactive AOmetaverse entertainment and commercial zone. 

Decentraland’s native MANA token has surged over 80% this week, rbinging its market value to a four-month high of US$1.35bn.

Total value locked in the decentralised finance (DeFi) space remains at US$45.2bn, encouraged by Lido’s 20% increase over seven days and strong growth at Aave, Convex Finance and Justlend.

Be the first to comment

Leave a Reply

Your email address will not be published.