**Bitcoin and Top Crypto Tokens Gain Momentum on Fitch Downgrade**
*Cryptocurrencies See Uptick After Fitch Downgrade*
Bitcoin and other top crypto tokens were trading higher on Wednesday following a downgrade of the US long-term ratings by the global rating agency Fitch. The downgrade saw the US ratings being lowered to AA+ from AAA, sparking positive movement in the cryptocurrency market.
**Bitcoin and Ethereum See Gains**
Bitcoin saw a 3 per cent increase, regaining the 29,000-mark, while Ethereum also traded higher, climbing more than 2 per cent and surpassing the $1,850-levels. Altcoins were also trading mostly up, signaling a positive trend in the cryptocurrency market.
**Reasons for Bitcoin Surge**
Bitcoin’s surge above $29,000 in the past 24 hours could be attributed to the decision by MicroStrategy to sell $750 million in stocks and utilize the funds to acquire more bitcoin. Additionally, the recent downgrade of the US dollar by Fitch has indicated concerns about debt and fiscal deterioration, prompting positive movements in the cryptocurrency market.
**Other Cryptocurrencies Follow Trend**
Barring the US dollar pegged Tether, all top crypto tokens were trading higher on Wednesday. Polygon surged about 4 per cent, while Litecoin and BNB gained 3 per cent each. Cardano, XRP, Dogecoin, and Polkadot also saw gains of 2 per cent each during the early day.
**Cryptocurrency Market Cap Jumps**
The global cryptocurrency market cap rose to the $1.19 trillion-mark, jumping more than 2 per cent in the last 24 hours. In addition, the total trading volumes surged about 32 per cent to $39.93 billion, signaling increased activity in the market.
**Tech View by Giottus Crypto Platform**
According to the Giottus Crypto Platform, Bitcoin (BTC) has reversed its bearish momentum after hitting a low of $28,500 overnight. It is currently trading near $30,000, an important resistance level to flip for bullish price action. BTC dominance hitting 50% again indicates that Bitcoin will lead the market in terms of volatility and movement in the near term.
**Chart-BTC and Major Levels**
BTC is currently consolidating in the $28,500 – $31,500 range, intersecting a long-term support line at the bottom mid-month. Price is likely to revisit these lows to test as support. The 14-day RSI, at 46, indicates a neutral sentiment. If BTC breaches $30,400 after testing support, momentum will likely lead the asset to its $31,500 resistance.
This surge in the cryptocurrency market comes at a time when companies are reporting relatively positive earnings, creating a positive atmosphere for traders and investors.
I have been a full-time professional writer for over 10 years, and have written for some of the biggest publications in the world. My work revolves around cryptocurrencies and blockchain technology, and I am widely considered to be one of the leading experts in these fields.I have written two books on the subject matter, and my articles have been featured in major news outlets such as The Wall Street Journal, Forbes, and Huffington Post. In addition to writing, I also give talks and seminars on cryptocurrency investing, and am a regular commentator on CNBC, Bloomberg, and other financial news networks.
