Highlights

The crypto market saw minor adjustments in the past 24 hours as it settled after a recent surge followed by profit-taking. Bitcoin maintained a price above $93,000, driven by trader optimism about potential short-term gains. Call options for Bitcoin targeting $95,000 by May end are particularly notable, suggesting a tactical move for upward potential. Meanwhile, SUI continued its impressive rally, showing over 62% weekly gains.

Sentiment Analysis

• The sentiment remains cautiously optimistic, bolstered by BTC's stability above the $90,000 mark.
• Trader activities focus on strategic call options, indicating a possible price rise beyond $95,000.
• SUI's rally, influenced by ecosystem developments and a significant increase in TVL, reflects growing market enthusiasm.
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Article Text

In the latest market developments, leading cryptocurrencies such as Bitcoin recorded slight adjustments after experiencing a notable surge and subsequent profit-taking earlier in the week. During the Asian morning trading session on Friday, Bitcoin traded above $93,000, signaling a positive outlook among traders for imminent gains.

According to QCP Capital's announcements, the stability of Bitcoin above the $90,000 threshold has contributed to growing market confidence. A significant volume of call options, with strike prices set at $95,000 for late April and May expiries, indicates traders' expectation for potential price increases beyond $95,000 within the next few months.

Call options offer buyers the right to purchase assets at a predetermined price before a set date. The surge in such options suggests that retail investors may use these signals to anticipate broader market movements.

QCP Capital also highlighted the potential consolidation of Bitcoin prices in the $90,000–$94,500 range amidst generalized market and macroeconomic stability. However, they urge caution as macroeconomic factors continue to play a pivotal role in determining future movements.

A stagnant trend was observed among major cryptocurrencies, with XRP, and BNB displaying minimal changes, while Solana's SOL experienced a slight rise by 2%. Dogecoin and Cardano's ADA, however, recorded more than a 4% increase, while Shiba Inu increased by 5%.

As for minor cryptocurrencies, SUI experienced sustained growth as part of its extended rally, achieving over 62% weekly gains. This notable rise can be attributed to developments within the Sui ecosystem, such as the xPortal company's introduction of a Mastercard-supported payment card.

The total value locked across the Sui Network, according to DefiLlama, surpassed $1.6 billion, reflecting a 9% increase within a day. The network's decentralized exchange also reported substantial progress, with its 24-hour trading volume reaching $599 million, indicating a 35% week-on-week growth.

Key Insights Table