The global cryptocurrency market capitalization hovered steadily around $1.82 trillion, gaining over 5% within the past 24 hours. On the other side, the total crypto trading volume surged 40% to $100.69bn.
Top cryptocurrencies witnessed sharp upticks after the U.S Fed Reserve hiked rate interest. The crypto market saw improved sentiment as Jerome Powel eased his aggressive stance, sounding somewhat dovish.
Excluding dollar-tied USDC, all large-cap cryptos traded with massive upticks early Thursday. Avalanche and Cardano gained 14% each, while Solana noted a 10% increase. Ethereum and Bitcoin gained approximately 5% each.
The market cap of all digital assets hovered steadily at $1.82 trillion, following a more than 5% increase within the previous day. Meanwhile, the total crypto trading volume surged 40% to $100.69bn.
BAYC’s native token, ApeCoin, witnessed upsurges before sinking amid the European sessions as Elon Musk updated his Twitter profile with Bored Apes. That had critics terming APE another meme coin in the marketplace.
Justin Sun founded Tron blockchain in 2017 as an Ethereum competitor. The platform plans to launch an algorithmic stablecoin known as USDD (decentralized USD) (on Thursday).
FIFA announced Algorand as its official partner ahead of the 2022 World Cup in Qatar. The news had ALGO surging double digits within hours.
Giottus’ Tech View
The global markets awaited the latest Fed Reserve rate decision with various debates. For instance, some expect capital inflows towards BTC due to its status as a hedge against inflation, whereas other believes the prevailing sentiment might mean downtrends in Bitcoin’s price.
The former appears to have developed, as BTC broke upside minutes following the rate hikes, changing the market structure within an hour to attain the highest mark in almost a week. Bitcoin failed to overcome the $40K mark but seems to have strong momentum. However, altcoins responded with upticks, decreasing BTC dominance, hinting at an impending sustained rally. Nevertheless, the bellwether crypto should conquer the resistance at $40,800.
That can trigger rallies past $42K. Nevertheless, the current move transforming to a bull trap will see BTC at $39.6K, then $38.5K. Decisive closings beneath these zones will mean faded confidence in BTC, welcoming further drops.