Crypto Corner: Bitcoin Notches a 3-Month High

Bitcoin is now back to a multi-month high, while other cryptocurrencies like Near Protocol come to life. The Daily Breakdown dives in. Before we dive in, let’s make sure you’re set to receive The Daily Breakdown each morning. To keep getting our daily insights, all you need to do is log in to your eToro…

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Bitcoin is now back to a multi-month high, while other cryptocurrencies like Near Protocol come to life. The Daily Breakdown dives in.

Before we dive in, let’s make sure you’re set to receive The Daily Breakdown each morning. To keep getting our daily insights, all you need to do is log in to your eToro account.

Crypto Corner

We’re continuing our talk about the ins and outs of the crypto market, helping investors become more familiar with the 110+ cryptoassets offered by eToro. Today we’ll discuss Akash Network and ApeCoin.

Akash Network (AKT): Trading near $0.65 with a market cap of ~$192 million

Akash Network is a decentralized cloud computing marketplace built with the Cosmos SDK. Its AKT token is used for payments, staking, and provider incentives across an open protocol where users buy or sell compute directly. With reverse-auction pricing and GPU support for AI and machine learning, Akash aims to make cloud resources cheaper, more accessible, and less dependent on centralized providers.

ApeCoin (APE): Trading near $0.16 with a market cap of ~$162 million

ApeCoin is the governance and utility token for the Bored Ape Yacht Club ecosystem, one of crypto’s most recognizable NFT communities. Distributed to NFT holders and governed through the ApeCoin DAO, APE is used for voting, ecosystem access, gaming, merchandise, events, and metaverse applications. Its role centers on community coordination and participation, not equity, dividends, or profit-sharing.

Check out these three crypto offerings — and many more — on eToro’s Discover page and consider adding them to your watchlist.  AKT and APE are not currently available for NY users. Learn more.

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The Setup — BTC

After a tough fourth quarter, Bitcoin entered the year on shaky ground. Still, it rallied to a high near $98K before struggling over the next several weeks and eventually bottoming near $60K. Now, after regaining the $80K mark amid a multi-day rally, BTC is nearing its 200-day moving average. Bulls want to see Bitcoin reclaim that key level and potentially make a run at its year-to-date high.

That makes the 200-day moving average one key upside level technical traders are watching. On the downside, the ~$75K area is another important zone, as prior resistance has now turned into potential support.

Options & ETFs

For investors who can’t trade or aren’t comfortable trading cryptocurrencies outright, they can consider ETFs for BTC and ETH. On the BTC front, IBIT remains the largest ETF by assets, while also supporting options trading. 

Bulls can utilize calls or call spreads to speculate on upside, while bears can use puts or puts spread to speculate on downside. In either case, investors may consider using adequate time until expiration. For those looking to learn more about options, consider visiting the eToro Academy.

What Wall Street’s Watching

NEAR Bitcoin has been leading the crypto rally, but others are participating too — some more than others. Near Protocol is one of them, with NEAR up almost 15% on the day and nearing a two-month high. If it can clear the March high near $1.51, NEAR would trade at its highest level since January. Check out the charts for NEAR.

ETHSome crypto may be hitting multi-month highs, but Ethereum isn’t on that list. Instead, it’s still bumping into resistance around the $2,400 level. Near that level now and technical traders are wondering if ETH can break through this level or if resistance will continue to hold. 

AMDShares of Advanced Micro Devices climbed more than 15% in after-hours trading after the company delivered a top- and bottom-line beat for its first-quarter results, while management’s second-quarter revenue outlook also topped analysts’ expectations. As of yesterday’s close, AMD shares were up more than 250% over the past year. Dig into the fundamentals for AMD.

Disclaimer:

Please note that due to market volatility, some of the prices may have already been reached and scenarios played out.

The post Crypto Corner: Bitcoin Notches a 3-Month High appeared first on eToro.