The overall cryptocurrency market saw a second day of gains on April 27 after the weekend sell-off proved to be a good buying opportunity for retail and institutional investors.
Lower gas fees following the Ethereum network’s Berlin upgrade along with an increase in institutional buying and decentralized finance activity lifted the price of Ether to a new all-time high at $2,680.
Data from Cointelegraph Markets and TradingView shows that Bitcoin (BTC) climbed above $54,000 in the early trading hours on Tuesday and bulls are now aiming to break through the $55,000 resistance level for a possible rall to $58,000.
The purple lines on the chart above represent the “lows in Bitcoin futures annualized one month rolling basis,” which Lilly points out to highlight a possible signal that a price breakout could be ahead.
“Each time prior to a price reversal, the premium on futures one month out were trading approximately 6-7% more than spot prices.”
Select altcoins hit new all-time highs
Daily cryptocurrency market performance. Source: Coin360
Several altcoins saw their prices reach new record highs alongside Ether on Tuesday.
Polygon (MATIC) continued its strong rally, moving as high as $0.75 before taking what appears to be a short breather. Uniswap (UNI) also saw its token price reach a record high at $40.50 following a 17% rally from the lows on April 26.
The overall cryptocurrency market cap now stands at $2.08 trillion and Bitcoin’s dominance rate is 49.5%.
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