Crypto Market Cap Tops $1.19 T: Bitcoin Price at $29K, Ethereum Price Rises $1,850

Introduction:

In the world of crypto, Bitcoin and Ethereum have once again taken center stage as they surged in value despite a recent downgrade of the US long-term ratings by global rating agency Fitch. On Wednesday, Bitcoin climbed by as much as 3%, surpassing the $29,000 mark, while Ethereum rose more than 2%, surpassing the $1,850 level. Altcoins, too, experienced a positive trend, with several major tokens trading higher.

Key Takeaways:

• Bitcoin gained 3% and reclaimed the $29,000 mark, while Ethereum surged over 2% and surpassed $1,850.
• The US long-term ratings were downgraded by Fitch from AAA to AA+, potentially contributing to the rise in crypto.
• MicroStrategy’s decision to sell $750 million in stocks and invest in Bitcoin could also have influenced the recent surge.
• The global crypto market cap surpassed $1.19 trillion, and trading volumes increased by 32% to reach $39.93 billion.

Bitcoin and Ethereum showcased strong performances in the crypto market, defying Fitch’s recent US long-term ratings downgrade. Bitcoin’s value surged by 3%, reaching $29,000, while Ethereum saw a 2% rise and climbed above $1,850. Altcoins were also mostly trading higher during this period.

The Recent Bitcoin Surge:

The surge in Bitcoin’s value to above $29,000 within 24 hours may have been influenced by MicroStrategy’s strategic move to sell stocks worth $750 million and reinvest the proceeds into Bitcoin. Additionally, Fitch’s downgrade of the US dollar could have raised concerns about debt and fiscal deterioration, driving investors towards crypto assets.

Read More: Bitcoin Price Prediction

Ethereum’s Steady Trading Range:

During the past week, Ethereum has been trading within a range of $1,800 to $1,900, with its current value hovering around $1,867. The market eagerly awaits Litecoin’s hardening event, while Ethereum maintains its steady trading pattern despite market fluctuations.

Altcoins Display Strength:

Except for the US dollar-pegged Tether, most major crypto performed positively on Wednesday. Tokens like Polygon surged by approximately 4%, while Litecoin and BNB gained 3% each. Cardano, XRP, Dogecoin, and Polkadot also displayed an upward trend, with a 2% gain during early trading.

Rising Crypto Market Cap and Volumes:

The global crypto market cap witnessed a significant surge, surpassing the $1.19 trillion mark, rising by over 2% in 24 hours. Concurrently, total trading volumes surged by 32%, reaching $39.93 billion, indicating a growing interest in crypto.

Giottus Crypto Platform’s Tech View:

According to the analysis by Giottus Crypto Platform, Bitcoin has reversed its bearish momentum after reaching a low of $28,500. The current trading near $30,000 is an important resistance level to watch for potential bullish price action. Moreover, the BTC dominance reaching 50% suggests that Bitcoin will continue leading the market in terms of volatility and movement in the near term.

Read On: Ethereum Price Prediction

Conclusion:

The recent surge in the value of Bitcoin and Ethereum, despite the US long-term ratings downgrade by Fitch, showcases the growing resilience of crypto in the global market. While multiple factors may have influenced the rise, it is crucial for investors to conduct thorough research and make informed decisions, as the crypto market remains highly volatile.

Source: Business Today

FAQs