Leading crypto assets were all fired up, as good macros pushed almost all the top crypto assets in recording impressive gains amid the rebounding dollar at Tuesday’s trading session.
The global crypto market value at the time of writing was trading $2 trillion, posting a 4.38% increase over the last day.
Elon Musk, one of the richest and most powerful businessmen in the world took to Twitter to dispel rumours that he had sold his personal Bitcoin holdings despite his company, Tesla realizing record profits from its recent Bitcoin sale.
Investors were initially jittery on reports that Tesla, the world’s most valuable car company sold some of its Bitcoin holdings in Q1 for $272 million, trimming the company’s Bitcoin holding by 10%.
No, you do not. I have not sold any of my Bitcoin. Tesla sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.
— Elon Musk (@elonmusk) April 26, 2021
JP Morgan Chase, the world’s most valuable bank also announced recently that it was offering an actively managed Bitcoin fund to its wealthy clients, further lending credence to Bitcoin’s treasury fundamentals. The flagship crypto was priced at about $53,344, up 12% for the day, while the utility crypto, Ethereum traded at $2,478.32 with a gain of about 12.00%.
Bitcoin’s market cap was last at $990 billion or 50.64% of the total cryptocurrency market value, while Ethereum’s market cap totalled $283 billion or 14.47% of the total cryptocurrency market value.
In the face of last Sunday’s price actions that exposed many retail traders and investors to record losses, billions of dollars in value were virtually up in smoke, but recent price actions suggest that large institutional investors buy-in has reasonably stabilized crypto assets following the market crash.
XRP traded at $1.28316, up 30% for the day. It was the biggest one-day percentage gain since April 10. The surge pushed Ripple’s crypto to about $58 billion or 2.95% of the total cryptocurrency market value. At its highest, XRP’s market cap was trading around $83 billion.