- Grayscale AUM soars to nearly $46 million after increasing exposure to altcoins.
- Bitcoin bounces off crucial support in the wake of a double-bottom pattern.
- Ethereum spikes to new record highs after clearing the resistance at $2,550.
- Ripple ignores the descending triangle bearish outlook as buyers target an upswing toward $2.
The cryptocurrency market is mixed red and green amid scanty recoveries across the board. Ethereum is up a massive 12% after trading new all-time highs around $2,600. Ripple still struggles to recover after losing at least 28% of its value in seven days. At the time of writing, XRP trades at $1.32 but has gained only 1.5% on an hourly basis.
Some selected altcoins are performing incredibly well, including Uniswap (up 22%), Litecoin (up 12%), Solana (up 21%), Terra (17%) and Maker (40%). Uniswap's upswing is connected to the excitement due to the launch of the V3 protocol. On the other hand, Maker's users are happy due to the shift to complete decentralization.
Grayscale's AUM Grow to Nearly $46 Billion
Grayscale Investments, the largest digital fund manager globally, has added a massive amount to its cryptocurrency holdings. The company assets under management (AUM) grew by $0.9 billion to hit $45.8 billion.
Data by Bybt confirms the increase that mainly concentrated on altcoins. By April 22, Grayscale had bought around 519 ZEN, 967 LPT, and 29,990 LINK. The asset firm purchased 71,035 XLM, 278,206 MANA, and 259,424 BAT, among other tokens in the last few days.
Grayscale AUM chart
Bitcoin Secures Support as Recovery Commences
Bitcoin retested support close to $51,000 on Wednesday after losing support at $56,000 and $54,000. The weak technical picture pulled most crypto assets down, including Ripple. Meanwhile, the formidable support has seen a recovery begin to take shape.
The four-hour chart brings to light a double-bottom pattern. This extremely bullish formation represents a demand area tested at least twice without being broken. As the price rebounds from the zone, massive buy orders are triggered, leading to a rise in the tailwind force.
The Relative Strength Index (RSI) confirms the ongoing uptrend. Stepping above $56,000 would spur aggressive responses from the buyers as gains head to $58,000 and $60,000, respectively.
BTC/USD four-hour chart
Check Out: Should You Buy Bitcoin?
Ethereum Breaks Out to Record Highs as $3,000 calls
Ether lifted above the crucial support at $2,000, which encouraged buyers to join the market for gains eyeing $3,000. The previous high at $2,550 has been broken, with the bullish action extending toward $2,600.
At the time of writing, Ethereum trades at $2,580 while focusing on gains above $2,600. According to the Moving Average Convergence Divergence (MACD) indicator, the trend is firmly in the bulls' hands.
Note that establishing higher support will ensure market stability and secure the uptrend. A break past $3,000 will be a significant milestone for ETH and may lead to the next chapter of gains to $4,000.
ETH/USD Four-Hour Chart
Read More: What Will Ethereum be Worth in 10 Years?
Ripple Bulls Could Emerge Victoriously
The cross-border cryptocurrency held onto support at $1.12 even after the numerous rejections from levels around $1.4 and $1.5. A bullish wave across the market appears to have called onto the bulls to increase their positions.
Ripple dances at $1.33 at writing as bulls fight to clear the resistance at the 50 SMA on the four-hour chart. If the technical picture continues to improve, Ripple will ignore the bearish outlook due to the formation of a descending triangle pattern. Although this pattern is usually bearish, there are instances where it results in a bullish breakout, which may bolster XRP back to $2.
XRP/USD four-hour chart
The MACD reinforces the bullish outlook by moving toward the mean line (0.00). Crossing into the positive region would trigger massive buy orders as bulls are encouraged to strengthen their positions. Another important milestone would see XRP overcome the hurdle at $1.5, thus confirming the uptrend.
Don't Miss: Should You Buy Ripple?