Bitcoin Rallies as Reddit Token Screams Like a Scramjet

Today’s market session has started on a relatively bullish trend, with most crypto assets recording gains today as the global market cap rose by 5.4% within a day of trading to take it to $1.13T as of press time. Bitcoin (BTC) has started today’s session screaming like a scram jet as the asset gains big to take its price back above $28K as bulls push for a break above the $29K mark.

Trading at $28.8K, BTC had seen a 7.2% rise in price valuation from its previous 24-hour price as the weekly gain currently stands at 11% ahead of today’s rally. However, Bitcoin’s volatility levels are rising as the Bollinger bands diverge from each other while the trading volume leaped by 76% within a day, showing increased activity on BTC.

The relative strength indicator is now entering the overbought region as it moves above the average line showing the bull dominance in today’s market. The MACD indicator also moves high in the positive region, indicating a solid bull run on Bitcoin.

BTC 1-day chart | Source: TradingViewEthereum (ETH) is also doing well, having reclaimed the $1.8K mark as the asset rides on massive gains in today’s secession. Trading at $1817, ETH had seen a 24-hour gain of 5% as the weekly gain stood at 4.5%. Ethereum’s trading volume has also risen by 52% within the same period.

ETH 1-day chart | Source: CMCOther altcoins are also doing relatively well, with BNB recording a 45 gain within a day of trading to recover its price to $251 ahead of its recent volatile sessions. Ripple (XRP) has also recorded notable gains as the asset trades at $0.499, representing a 2.4% increase within 24 hours. Tron (TRX) saw a 3.7% gain within the same period as Polygon (MATIC) saw impressive gains of 7.5%.

Optimism (OP), currently on CoinMarketCap’s trending list, has also seen massive in today’s session as the token now trades at $1.3533, representing a 15% gain within a day of trading as the trading volume stood at 296.43M.

OP 1-day chart | Source: CMCAnother notable gainer today is the Reddit token (REDDIT), which now stands as today’s top gainer after recording a surge of 206% within 24 hours of trading to take its price to $0.02687. The token is now the fifth most trending on CoinMarketCap. Other notable gainers are Litecoin (LTC) which has gained 8% to take its price to $83.8, and Polkadot (DOT) also saw a 5% gain within the same period to take its price to $4.74