Bitcoin Has shown some gains on Thursday, trading up 6.20 percent at $50.267.12. In the past, regulatory action from China has caused bitcoin to touch its all-time lows and also made it cryptocurrency The market was volatile, so much so that bitcoin kept swinging between highs and lows. Bitcoin touched a June low of $28,000 and a high of $75,000 in April. Also, the dominance of the largest currency bitcoin saw an increase of 0.08 percent and is currently at 42.16 percent. On the other hand, bitcoin’s viral currency Ethereum was also trading in the green with a gain of 6.48 per cent at $3,742.55. In the cryptocurrency basket, excluding Tether, USD coin, Binance USD was trading in the red on Thursday.
“BTC remained muted over the past few days, yet most altcoins made significant bullish moves. However, in the last 24 hours it was a completely different story. We saw massive volatility where BTC rose significantly. The only pumped-up altcoins pushed higher. The largest altcoin, Ether, made a huge jump from the day’s low of $3384 to close the $3800 mark. Most of the other top altcoins repeated a similar move. The Crypto Fear and Greed Index is at 71 for the past few weeks, indicating a huge uptick in the markets. The overall crypto market capitalization rose 4 percent over the previous day and touched close to $2.18 trillion. Traded volumes significantly This reflects buying pressure across the spectrum,” Edul Patel, CEO and Co-Founder, Mudrex- a global crypto trading platform, said.
Over the past two weeks, favorable developments in the cryptocurrency world led to a sharp rally in cryptocurrency prices. Following Raghuram Rajan, the former RBI governor of India, on Wednesday, noted tennis player Naomi Osaka showed her interest in cryptocurrencies. “I was actually just talking to my agent about cryptocurrencies,” Osaka said in an interview with Bloomberg yesterday, on Twitter. “I know online, everything is getting bigger. I remember reading about Dogecoin… there is going to be something new and interesting that is about to pop up.” The global crypto market capitalization stood at $2.24 trillion on Thursday, up 5.89 percent from the previous day. The total crypto market volume in the last 24 hours is $129.10 billion, a decrease of 0.99 percent. DeFi’s total volume currently stands at $15.84 billion, which is 12.27 percent of the total crypto market 24-hour volume. The volume of all stablecoins is now $97.60 billion, which is 75.61 percent of the total 24-hour crypto market volume.
“Bitcoin is on its way to officially become legal tender in El Salvador in the coming days. (as of 7 September). Customarily, any major updates of this kind often face resistance. As a result, the upcoming Some volatility is expected in the week. For the third time in a couple of weeks, Ethereum tried to break out of the bull flag pattern on the daily chart and faced rejection at the flag’s resistance. It appears that the bulls are collectively breaking that resistance. We are ready to break out and it will only be a matter of time until Bitcoin takes the market to the downside,” said Siddharth Menon, COO WazirX.
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