Bitcoin climbs above $28K, holds steady at key support level in April

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Bitcoin paper wallet generated at bitaddress, tags: key support level - CC BY-SA
Bitcoin paper wallet generated at bitaddress – CC BY-SA

World’s largest cryptocurrency Bitcoin continued its climb above $28,000, marking a key support level it has maintained for most of April, as noted by CoinMarketCap.

Bitcoin has shown remarkable resilience, rallying strongly since the start of the year despite the recent surge in interest rates, bank failures and fears of a U.S. recession.

Other major cryptocurrencies also surged, with Ether leading the way ahead of the Ethereum blockchain upgrade scheduled for Wednesday. Even Dogecoin, the meme-inspired currency, experienced a rise.

Crypto market sees gains

CoinMarketCap data shows that in the 24 hours, Bitcoin increased by 1.36 percent to reach $28,292 and has remained relatively stable for the week, showing a 1.32 percent increase.

Kadan Stadelmann, the chief technical officer of blockchain infrastructure development company Komodo, told Forkast that Bitcoin could potentially exceed $30,000 in the coming week. However, there is also concern regarding the possibility of an economic downturn.

Stadelmann said that traditionally, Bitcoin price rises during “risk-on” conditions. Yet, the cryptocurrency has performed well over the past month, even in “risk-off” scenarios due to the banking crisis. He added that the current price trend indicates market indecisiveness.

CoinMarketCap data also revealed Ether had gained 3.72 percent for the week, edging by 1.20 percent to reach $1,859, ahead of Wednesday’s Shapella upgrade, which will enable investors to withdraw their staked Ether for the first time.

Dogecoin showed moderate gains among most of the top 10 cryptocurrencies by market capitalization, rising by 1.64 percent to $0.08294, marking a weekly increase of 6.21 percent.

The meme-based token significantly boosted its value last week following Elon Musk’s tweet that featured the Dogecoin dog icon as Twitter’s blue bird icon, which caused it to breach the $0.10 mark on April 4. After that, however, its rally fizzled out as the Twitter icon was changed back to the bird.

Another notable boost occurred within Solana, a blockchain platform established by Solana Labs, which witnessed a 0.41 percent increase for the week, hitting $20.26.

Polkadot also saw a rise of 0.90 percent to reach $6.18. Over the past week, however, the blockchain platform created by Gavin Wood suffered a decline of 0.62 percent.

The 24-hour data from CoinMarketCap shows two increases. The value of all cryptocurrencies in circulation rose by 1.19 percent to $1.19 trillion. Similarly, the total trading volume increased by 5.34 percent to $29.25 billion during the same time.

Bitcoin to integrate with Lightning Network

Brian Armstrong, CEO of the cryptocurrency exchange Coinbase, hinted in an April 8 tweet that the company might integrate Lightning Network into the platform after the market surge during the weekend. He did not elaborate on the potential integration of Lightning with Coinbase or the development timeline.

LunarCrush’s data indicates that there has been a notable surge in Bitcoin-related social media activity following Armstrong’s remarks. The number of social media mentions of Bitcoin has risen by 25.1 percent, while interactions related to $BTC have increased by 8.4 percent.

Armstrong previously said he had experimented with a Lightning network application in the past few days. After Cointelegraph reporter Joseph Hall shared a video of himself using Bitcoin in Senegal, Armstrong sent him $100 worth of $BTC.

Hall reported that the payment of $100 has yet to be received, which led Bitcoin enthusiast Derek Ross to suggest that Armstrong use Lightning Network.

Per Lightning supporter on GitHub David Coen, if Armstrong follows through on his statement, he will join the ranks of the biggest trading platforms — like Bitfinex, Kraken and OKX — to have integrated Lightning.

Earlier, Coen had indicated that incorporating Lightning technology into their trading platforms might not align with the business strategy of several exchanges. Those exchanges’ priority is to include as many alternative cryptocurrencies as possible and keep up with market trends.

Dogecoin

Dogecoin is a cryptocurrency created by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system as a “joke”, (wikipedia)

Bitcoin

Bitcoin is a protocol which implements a highly available, public, permanent, and decentralized ledger. In order to add to the ledger, a user must prove they control an entry in the ledger. (wikipedia)

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