Twitter’s new crypto tipping leads to a Bitcoin price rally to $44.8K intending to flip it at $45K.
Even though the week started with a lot of volatility, there is hope for recovery as there is so much optimism for bullish tendencies as the week comes to a close. The volatility was brought about by the heated regulatory pressure in the general crypto industry. The federal rise in interest rates led to a roar in the market in addition to Evergrande situation will affect the global financial markets.
According to Cointelegraph Markets Pro and TradingView, bitcoin has been trading between $43K and $44,300 since the morning of September 23. However, this moved to $44,800 by afternoon, intending to hit $45K as a resistance level.
The sudden price increase is in reflection of Twitter’s announcement of the launch of crypto tipping. Through a payment application, Strike, users will be able to tip other users. The application will be developed on the Lightning network that helps ensures cheap Bitcoin transactions.
Crypto market recovery
The recent crypto ecosystem has been on momentum, with altcoins also recovering. Ether, one of the prominent altcoins, was just pushing above $3100.
There is heated competition in the altcoin market, with projects such as Avalanche(AVAX), Terra(LUNA), and Cosmos(ATOM) being the biggest gainers, thanks to their infrastructure of a lower transaction cost and fast processing time.
Celer(CELR) increased by 52% in 24 hours, making it a top gainer, achieving an all-time high of $0.14, Celo (CELO) rising by 24% to trade at $7.80.
Other altcoins also performed well, such as COTI at 23%, Tezos at 21%, and Rally(TRAC) at 20%.
The general cryptocurrency market cap has increased to $1.999 though Bitcoin is still dominating at 42%.