Bitcoin Soars to Its Highest Level in Over a Year!
The cryptocurrency markets took a significant hit in Thursday’s trade, with the majority of them seeing significant losses. The ongoing anxiety surrounding the US Federal Reserve’s potential policy tightening contributed to this widespread market fluctuation.
Leading the pack of the plunging cryptocurrencies was Bitcoin (BTC), which eased by 0.57% to land at $30,631. Ethereum (ETH), another digital heavyweight, barely managed to stay above the $1,900 threshold. The last 24 hours saw Bitcoin’s trading volume surge by 18% to stand at about $12.97 billion.
In the wake of the Federal Open Market Committee (FOMC) minutes being unveiled, Bitcoin’s value experienced a slump. Nevertheless, the currency managed to stabilise due to encouraging commentary from the BlackRock CEO, negating further depreciation, as per Edul Patel, the CEO and Co-founder at Mudrex.
Also weighed in on the Bitcoin discussion, observing that the cryptocurrency is preserving its position above the $30,500 mark. Factors contributing to this include the market’s heightened anticipation of a decision from the Securities and Exchange Commission (SEC) on the possibility of refiling for the spot Bitcoin exchange-traded fund (ETF).
The research team also drew attention to the rise in open interest in Bitcoin’s futures market. However, they noted an opposing trend with the spot market activity tumbling. They posit that the observed behaviour could be resultant of investors withholding significant investment decisions until the coveted clarity on the ETF decision is unveiled.
As the cryptocurrency roller coaster continued its ride, the global cryptocurrency market cap was not spared. It dipped to hover around $1.2 trillion, representing a fall of 0.78% over the last day.
On another frontier, DeFi’s total volume currently stands at $2.74 billion, making up 8.34% of the total crypto market 24-hour volume. Taking an even more significant chunk of the total is the volume of stablecoins, which hits $29.97 billion, accounting for a whopping 91.16% of the total crypto market 24-hour volume.
In terms of market capitalisation, Bitcoin, the world’s largest cryptocurrency, commands a comfortable lead with a near $596 billion. Bitcoin’s dominance in the market reflects similarly, standing at 49.68%, a mild but worthy increase of 0.09% over the day according.
Bitcoin’s performance, highlighting the significance of the $30.3k level in shaping the cryptocurrency’s trajectory. He warns of potential low trading levels if Bitcoin breaks the $30k threshold, signalling caution for investors.
