Bitcoin Hits 17-Month High as Crypto Tokens Continue Bullish Momentum
After the Federal Reserve’s dovish tone, Bitcoin and other crypto tokens continued their bullish momentum on Thursday, with the oldest crypto asset hitting a 17-month high. The market posted big gains following the completion of one year of Sam Bankman-Fried’s crypto empire- FTX exchange.
Bitcoin, Ethereum, and Altcoins Trading Trends
Bitcoin was trading in the red as the largest crypto token edged marginally lower, less than half a per cent, but remained below the 35,000-level mark. Meanwhile, its largest peer, Ethereum, was also seen in the green, slightly up, and hovering around the $1,900-level. The majority of altcoins were trading with decent gains as well.
Bitcoin has remained in a very narrow range of less than a 2 per cent movement in the last 24 hours, indicating a slight drop in worldwide volumes. Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, noted, “Although this means volumes in Bitcoin worldwide have started to slightly drop, any movement in its prices should mean the volumes are back in.”
Support for Altcoins and NFT Marketplace Speculation
Senior Manager Hudda also commented on the ETH/BTC pair finding a little support around the 0.05 BTC per ETH mark, which has helped other prominent altcoins show some momentum on the upside price action.
Altcoin BLUR surged by 18.1% in the last 24 hours, possibly due to investor speculation that it is the world’s biggest NFT marketplace by trading volumes, especially after Opensea downsized by letting go of 50% of its staff recently.
Market Cap and Trading Volumes
The global cryptocurrency market cap was trading modestly higher, rising to the $1.33 trillion-mark and increasing more than 6 per cent to $40.46 billion in the last 24 hours. Bitcoin and Ethereum remained steady, while altcoins saw a rise of 5-10 per cent, accompanied by a decline in BTC dominance.
Tech View by WazirX Trade Desk
The Graph(GRT) is an indexing protocol catering to data querying needs in networks such as Ethereum and IPFS, playing a pivotal role in numerous applications within the DeFi sector and the larger Web3 ecosystem. On the weekly time-frame, the GRT/USDT chart has been traversing within an ascending triangle pattern and could expect the momentum to continue into the coming weeks.
Market Outlook
CoinDCX Research Team noted that the market capitalization of altcoins, excluding Bitcoin and Ethereum, reached nearly $400 billion, marking a positive sign for the crypto space. Furthermore, they highlighted that Federal Reserve Chair Powell’s upcoming speech on November 8, 2023, could potentially introduce some market volatility.
As the cryptocurrency market continues its upward momentum, it’s important to consult a financial adviser before taking any position in the mentioned assets.
