Crypto Market Enjoys Significant Gains Despite BlockFi Filling for Bankruptcy

Crypto Market Enjoys Significant Gains Despite BlockFi Filling for Bankruptcy

The cryptocurrency market was trading with decent gains on Tuesday despite crypto lender BlockFi filing for bankruptcy. It seems investors and traders have returned to the market after the Thanksgiving weekend.

The crypto market seems to be enjoying a balmy weather as Bitcoin (BTC), Ethereum (ETH) along with top altcoins witnessed a notable uptick over the last 24 hours. The global crypto market cap rose 2.04 per cent in the last 24 hours to 837.28 billion. The total crypto market volume over the last 24 hours increased more than 5.35 per cent to $48.01 billion.

Crypto Market Enjoys Significant Gains Despite BlockFi Filling for Bankruptcy

Crypto Market Turns Green Despite Adversity

Crypto Market Enjoys Significant Gains Despite BlockFi Filling for Bankruptcy

The cryptocurrency prices are trading in green despite the FTX contagion crippling several crypto outfits. On November 28, eminent crypto lending platform, BlockFi filed for Chapter 11 bankruptcy protection along with eight affiliates in a New Jersey court. 

According to CoinMarketCap, Bitcoin (BTC) gained 1.75 per cent over the past day to trade at $16,508. The flagship token seems to be defending the $16,000 mark for quite some time now. BTC surged almost 5.30 per cent in the last seven days. Since the beginning of the FTX fiasco, Bitcoin has borne the brunt of the contagion with the token dipping to a two year low. 

Edul Patel, CEO and Co-founder of global crypto investment platform Mudrex explained since Bitcoin (BTC) is currently trading above the $16,500 level, buyers will have to hold the gained initiative to reserve the trend. He added,

“If the price breaks above the downtrend line, BTC might soon rally to the overhead resistance at $17,622.”

Performance of Ethereum along with Altcoins Improve

Crypto Market Enjoys Significant Gains Despite BlockFi Filling for Bankruptcy

Meanwhile, Ethereum (ETH) zoomed more than 3.70 per cent over the past 24 hours to hover around $1,214. The second largest cryptocurrency boomed a whopping 11.88 per cent in the past one week. Ether increased along with the broader crypto market after plunging to unexpected lows due to the collapse of Sam Bankman-Fried’s FTX empire. In a statement, Patel said,

“Buyers should continue to defend to see ETH rise above the $1,300 level.”

Crypto Market Enjoys Significant Gains Despite BlockFi Filling for Bankruptcy

On the other hand, Dogecoin (DOGE) price today was trading more than 7.80 per cent higher at $0.10 whereas Shiba Inu was up almost 2 per cent at $0.000009. XRP, Cardano (ADA) and Polygon (MATIC) were trading with gains in the range between 2 and 3 per cent.

Solana (SOL) jumped 1.35 per cent in the last 24 hours to $13.67. In the same time frame, Huobi Token (HT) and Fantom (FTM) stood out as notable winners surging 10 per cent and 15 per cent, respectively.