Most top 10 cryptos rise; Tron, Toncoin biggest gainers
Bitcoin rose above US$26,500 on Friday afternoon in Asia. Ether and all other top 10 non-stablecoin cryptocurrencies gained, except BNB, the native token of world’s largest crypto exchange Binance. Tron and Toncoin led gains.
Crypto market extends gains
Bitcoin rose 0.87% to US$26,569 in 24 hours to 4 p.m. in Hong Kong, and gained 1.24% on the week, according to CoinMarketCap data. The world’s largest cryptocurrency’s market capitalization gained 1.46% to US$519.22 billion, while volume dropped 8.81%.
“We may be on the verge of witnessing a significant price surge. I believe that Bitcoin could rise to US$28,660. With the continuous evolution of the cryptocurrency market, it’s not surprising that all eyes may turn toward Bitcoin’s ascent to the US$28,660 level,” said Rania Gule, market analyst at multi-asset brokerage firm XS.com.
“However, while Bitcoin’s price is showing signs of upward strength, the overall trend on the price chart remains bearish as long as the price remains below the resistance level of US$29,500. Unless this trend reverses, a significant upward movement for Bitcoin is unlikely,” Gule said in an emailed statement on Friday.
Ether, the second biggest cryptocurrency in the world, also gained 0.42% to US$1,627, but is still down 1.08% on the week.
Tron gained the most, rising 3.4% to US$0.08395 in the past 24 hours and 6.06% in the last seven days. This was followed by Toncoin that strengthened 3.1% to US$1.94 and went up 9.15% on the week.
The crypto market received a boost from news that Deutsche Bank — a German lender that had US$1.4 trillion in total assets at the end of 2022 — will launch custody services for cryptocurrencies and tokenized assets of institutional customers in a partnership with Swiss fintech firm Taurus, according to a Thursday press release.
“As the digital asset space is expected to encompass trillions of dollars of assets, it’s bound to be seen as one of the priorities for investors and corporations alike. As such, custodians must start adapting to support their clients,” Paul Maley, global head of securities services at Deutsche Bank, said in the announcement.