Bitcoin, Ethereum, Dogecoin Stabilize — Why Is The Pace Of Crypto Recovery So Slow?

Zinger Key Points
  • Bitcoin, Ethereum, Dogecoin bounce back but upside is limited ahead of key April CPI numbers
  • Barry Silbert says he has newfound appreciation for the "boringness of bitcoin"
  • Ethereum's strength against Bitcoin catches some off guard - crypto trader Justin Bennett

Bitcoin and Ethereum were in the green at press time, with the apex coin trading above the key $30,000 psychological level, as the global cryptocurrency market cap rose 3.4% to $1.4 trillion.

Price Performance Of Major Coins
Coin 24-hour 7-day Price
Bitcoin BTC/USD 3.65% -17.4% $31,201.94
Ethereum ETH/USD 6.6% -15.1% $2,363.61
Dogecoin DOGE/USD 5.4% -16.7% $0.11
Top 24-Hour Gainers (Data via CoinMarketCap)
Cryptocurrency 24-Hour % Change (+/-) Price
Maker (MKR) +16.3% $1,219.88
Flow (FLOW) +15.7% 3.88
Shiba Inu (SHIB) +18.3% ​​$0.000016

See Also: Best USDC Interest Rates

Cryptocurrencies rallied as stock futures traded in positive territory at press time as investors awaited key inflation data. S&P 500 and Nasdaq futures were up 0.25% and 1%, respectively.

April Consumer Price Index numbers are expected on Wednesday morning. Economists expect CPI to rise by 8.1% in the month, a fall from the 8.5% growth registered in March.

“The rebound in the Nasdaq was welcome news for Bitcoin investors, but Wall Street won’t feel fully confident in piling back into equities until the Fed and ECB can signal they have inflation under control,” said OANDA Senior Market Analyst Edward Moya, in a note seen by Benzinga.

The apex coin faces short-term resistance at $32,500 and then at the $35,000 mark. On the other end, it will try to hold $30,000 with $28,500 proving major support, according to Moya.

Cryptocurrency investment firm Digital Currency Group CEO Barry Silbert tweeted Tuesday he would rather own “​​bitcoin than anything else in this market.”

Silbert also said he has a “newfound appreciation for the boringness of bitcoin.”

Cryptocurrency trader Michaël van de Poppe said the unrestored peg on TerraUSD (UST) and upcoming inflation data is probably why Bitcoin "isn't bouncing back faster.” The trader said he sees new lows happening.

Justin Bennett said the “relative strength” of Ethereum against Bitcoin has caught some off guard. The analyst said a retest of the failed 0.08 area on the ETH-BTC could take place before more downside. 

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