Friday’s cryptocurrency market saw bullish trading leading up to next week’s FOMC meeting. Bitcoin (BTC) ended with a 2.21% increase, reaching $29,507. Ethereum (ETH) surged past $1,900 as well. BTC’s 24-hour trade volume was recorded at around $22.95 billion, representing a dip of 35.
Parth Chaturvedi, Crypto Ecosystem Lead at CoinSwitch, said that “BTC is trading in the $29.5k range, up ~2% in the last 24 hours as unrest in the banking sector resurfaces and US’ economic growth slowdown.”
Notably, in a 24-hour period, there was a 1.71% increase in global cryptocurrency market capitalization to trade at an estimated $1.21 trillion.
At present, DeFi has a total volume of 3.65 billion, which is equivalent to 7.88% of all crypto market 24-hour activity. Moreover, stablecoins have seen a significant increase in volume to reach $40.51 billion today, representing 87.47% of all crypto market 24-hour trading.
Bitcoin holds a market capitalization of around $571 billion – making it by far, the world’s most dominant cryptocurrency. CoinMarketCap data reveals that its overall dominance has risen by 0.31%, to reach 47.10%.
“Bitcoin has gained 2.5% in the last 24 hours and is trading at $29,600. Bitcoin could potentially break this level and reach the next resistance level of $30,000, which would present buying opportunities up to $30,800.” Sathvik Vishwanath, Co-Founder & CEO of Unocoin, said.
Rajagopal Menon, Vice President at WazirX said, “Major market oscillators point toward a Neutral sentiment. The Relative Strength Index (14), one of the key indicators, sits at 56, with a neutral outlook. The Stochastic %K (14, 3, 3) and the Average Directional Index (14) is at 54 and 26, respectively, further indicating a Neutral market.”
According to Menon, an analysis of technical indicators reveals that a Sell signal is presently indicated by MACD Level (12, 26) at 205. Meanwhile, Stochastic RSI Fast (3, 3, 14, 14).
