Meanwhile, the global cryptocurrency market cap was trading higher, around $1.07 trillion, rising 0.76% in the last 24 hours.
The crypto market has traded sideways with an upward bias in the last 24 hours. It has been another positive day for BTC as it touched $27.4k before pulling back a little. In fact, the last 8 days have been pretty positive for the crypto market with BTC rising around 10% from the local top to bottom, said Shubham Hudda, Senior Manager, CoinSwitch Markets Desk.
Meanwhile, Edul Patel, CEO & Co-founder of Mudrex, said, “Over the past 24 hours, Bitcoin rose above the US$27,000 mark, marking its highest point since August 31st. This surge is in anticipation of the U.S Federal Reserve’s upcoming meeting, scheduled for tomorrow, where the market expects the Federal Open Market Committee (FOMC) to momentarily halt interest rate hikes.”
Other top crypto tokens were also trading higher on Tuesday. XRP, Cardano, Toncoin, Solana and Litecoin surged 2-4%.The total volume in DeFi is currently $2.27 billion, 7.59% of the total crypto market 24-hour volume. The volume of all stablecoins is now $27.45 billion, which is 91.68% of the total crypto market 24-hour volume.
Bitcoin’s dominance is currently 49.06%, according to CoinMarketCap. Meanwhile, BTC volume in the last 24 hours stood at approximately $15.06 billion, rising 98.61% in the last 24 hours.”Bitcoin rallied towards to its 20-week MA after bouncing off its critical support level at $25,000. Traders believe that this is a short-term relief post its death cross earlier this month. BTC is now facing immediate resistance at $27,200 which it must overcome to continue the rally,” Vikram Subburaj, CEO of Giottus Crypto Platform, said,
“US FOMC meeting this week will provide additional impetus if the US Fed holds its interest rates,” Subburaj added.
Meanwhile, Shivam Thakral, CEO of BuyUcoin said, “Rising oil prices and uncertain macroeconomic factors may restrict the market momentum in the coming weeks.”
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 10.23 hours, IST on September 19, 2023)
Bitcoin $26,864 0.92%
Ethereum $1,638 0.49%
Tether $1 0.01%
BNB $217 -0.04%
XRP $0.5099 2.52%
Cardano $0.2549 2.30%
Dogecoin $0.06247 1.20%
Solana $19.93 4.49%
Polygon $0.5304 1.75%
Litecoin $67.06 3.66%
Polkadot $4.12 -0.05%
Tron $0.08451 0.55%
Shiba Inu $0.000007303 0.25%
Toncoin $2.44 4.72%
(Note: Price change in last 24 hours)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)