Cryptocurrency Price on April 12: Bitcoin trades above $71,000; Ethereum, Toncoin decline up to 3%

In Friday's trading session, the crypto tokens displayed mixed performance. Bitcoin, BNB, Solana, Dogecoin, and Cardano showed gains, trading up to 2% higher. Meanwhile, Ethereum, XRP, Toncoin, Internet Computer, and Uniswap experienced losses, trading 1-3% lower.

The global cryptocurrency market cap rose marginally by 0.13% to around $2.64 trillion in the last 24 hours.

Bitcoin was up 0.7% at $71,025 as of 11:03 a.m., while Ethereum was below the $3,550 level.

Edul Patel, CEO of Mudrex, said, "Bitcoin has climbed back above $70,000, a level not seen since March 25th in anticipation of the upcoming Bitcoin Halving. The $71,200 level presents the next resistance, with support at $69,100. If current momentum persists and buying interest holds steady, Bitcoin may retest its previous all-time high."

Meanwhile, Parth Chaturvedi, Investments Lead at CoinSwitch, said, "BTC continues to trade above its newly found base at $70k. However, Bitcoin’s 7-day average mining hashrate has started approaching its ATH value, increasing the mining difficulty by 4%. An increased hashrate results in increased security for the network. This may bring buying pressure for BTC, with potential resistance at around $71.2k."

The total volume in DeFi is currently $7.54 billion, 9.56% of the total crypto market 24-hour volume. The volume of all stablecoins is now $72.24 billion, which is 91.65% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.

In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, rose to $1.396 trillion. Bitcoin's dominance is currently 52.97%, according to CoinMarketCap. BTC volume in the last 24 hours fell 26% to $30.3 billion.

Tech view by Sathvik Vishwanath, Co-Founder & CEO, Unocoin

Technical indicators such as the 30-day moving average and relative strength index suggest increasing momentum without entering overbought territory. Converging resistance and support levels indicate a significant move forward, potentially fueled by a halving.

Analysts anticipate a short-term sell-off after the halving but expect long-term price appreciation due to reduced supply. With BTC only 4% off its all-time high, projections suggest it could reach $75,000 by May and $80,000 to $90,000 by Q3 2024.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)