Crypto news update: Industry bullish as Bitcoin crosses $88,000 mark today — where is it headed next?
Crypto news update: Bitcoin prices crossed the $88,100 mark on Tuesday, April 22, driven by global liquidity and renewed institutional interest in the crypto market.
Even as the cryptocurrency market capitalisation witnessed a slight drop of 0.30 per cent over the past 24 hours to $2.74 trillion, according to data on CoinMarketCap, the total market volume rose 28.69 per cent to $86.64 billion.
Further, volume of stablecoins was at $81.9 billion, which is 94.54 per cent of the total crypto market 24-hour volume; and DeFi trade was at $6.55 billion, which is 7.56 per cent of the total crypto market volume, CoinMarketCap data showed.
Bitcoin, the world’s largest crypto token by circulation, saw an increase of 0.63 per cent trade volume over the past 24 hours, taking its dominance in the market to 63.68 per cent, as per the data.
Bitcoin Price Today Crosses $88,100; Ether, Solana Up
At the time of writing, Bitcoin was at $88,142.63, up 0.72 per cent over the previous day, with a market cap of $1.75 trillion (also up 0.75 per cent), and trade volume of $37.58 billion, according to CoinMarketCap data.
The world’s second-biggest crypto, Ethereum network’s Ether was up 4.20 per cent to $1,579.57 on April 22, data showed. Its market cap was at $190.67 billion (up 4.22 per cent), with trading volume of $14.36 billion.
Stablecoin and the world’s most-traded token, Tether, was priced at $0.9999 (it is linked to the US Dollar). Tether’s market cap was at $144.72 billion, with trade volume of $67.56 billion — nearly double that of Bitcoin, as per data.
Donald Trump’s favoured Solana token was also up to $139.03 apiece, with a market cap of $71.9 billion and volume of $3.82 billion.
Industry ‘Bullish’: What Do Experts Say Lies Ahead?
According to Mudrex co-founder and CEO Edul Patel, Bitcoin’s upward trajectory is driven by rising global liquidity, renewed institutional interest, and an expanding M2 money supply. Other factors he listed include: Bitcoin spot ETFs seeing over $300 million in inflows, and Strategy adding 6,556 BTC to its holdings.
Pointing that Bitcoin crossed the $88,500 mark early on April 22, CoinSwitch Markets Desk noted that the token is at present trading above both its 20- and 50-day moving averages. CoinDCX Research Team also noted that the technicals have “turned bullish” for Bitcoin.
Meanwhile, Avinash Shekhar, Co-founder, and CEO of Pi42, is optimistic that Bitcoin is nearing the $90,000 mark. He feels that halving momentum, increased open interest, and strong trader sentiment are contributors.
Riya Sehgal, Research Analyst, Delta Exchange, believes this is a pivotal moment, noting that Bitcoin is now trading just below the 200-day Simple Moving Average at $88,357 — what she called a “key technical threshold that often marks the divide between long-term bearish and bullish trends”.
“Crypto assets have displayed resilience, further reinforcing Bitcoin’s narrative as a hedge against economic instability. If Bitcoin can decisively break through the $88,800 resistance, it may open the door for a rally toward the $92,000–$94,000 range,” according to Sehgal.
Currently trading above $88,000, Bitcoin has broken out of its downtrend, signalling a healthy reversal from the recent sell-off, said Patel. He believes if bulls can sustain these levels, a move toward the $93,000 resistance is possible, with support standing at $85,000. “Meanwhile, on-chain activity shows Ethereum whale accumulation of 3,844 ETH, indicating early signs of recovery from the current levels,” Patel added.
Shekhar concurs, “The market is filled with confidence as traders celebrate big milestones and anticipate further gains. Altcoins are experiencing renewed interest as investors respond to changing dynamics and look for potential prospects. Bitcoin has reclaimed the $87,500 mark, while Ethereum is probing the $1,500 resistance, with obvious signs of increased market action and investor interest. Dogecoin and other top altcoins are steadily advancing, indicating careful but optimistic momentum. Overall, the crypto market sentiment continues to be bullish backed by excellent technical indicators as well as increased participation.”
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