Bitcoin rises over $63.3k amid Hong Kong ETF launch; Altcoins witness volatility

Spot bitcoin ETFs launched by China AMC, Harvest, and Bosera had gained roughly 2.6% by the midday break. However, the three ether ETFs managed by the asset managers remained largely flat.

In today's trading, other crypto tokens displayed mixed performance. BNB, XRP, Shiba Inu, and Avalanche recorded gains, trading up to 3% higher. Conversely, Ethereum, Solana, , Toncoin, Cardano, and Polkadot saw losses, trading down by up to 2%.

Meanwhile, the global cryptocurrency market cap saw a marginal surge of 0.4% to around $2.33 trillion in the last 24 hours, led by Bitcoin.

"Bitcoin is up nearly 2% today, which could be because of the Hong Kong spot ETFs launching today. The Hong Kong spot ETF trading which commences trading today can potentially heighten interest, increase liquidity, and lead to deeper integration of cryptocurrencies into mainstream investment portfolios," said Shivam Thakral, CEO of BuyUcoin.

Edul Patel, CEO of Mudrex, said, "Bitcoin is trading at $63,000 as Hong Kong opens for Bitcoin spot ETFs trading today. The bulls are defending at the lower levels. If they can break above the $67,000 level, we can see Bitcoin retesting the $73,000 level. The support now lies at the $62,900 level and the resistance lies at $64,400 level."

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The volume of all stablecoins is now $63.19 billion, which is 93.08% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.

In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, rose to $1.246 trillion. Bitcoin's dominance is currently 53.44%, according to CoinMarketCap. BTC volume in the last 24 hours rose 36.8% to $26.4 billion.

"Bitcoin has bounced above $63,500 today and has likely found a local bottom at $62,530 - its 0.618 fib retracement level. If Bitcoin holds $63,000, the possibility of new highs in early May becomes strong," said Vikram Subburaj, CEO of Giottus Crypto Platform.

"Altcoins continue to bleed as Bitcoin dominance hovers around 55%. Ethereum has dropped below $3,200 while Solana fights to reclaim critical $140 level," he said.

(With inputs from agencies)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Source: Forex-Markets-Economic Times