Cryptotimes

Bitcoin responded positively to the weekly low it established, surging by $3,000 within hours, challenging the $38,000 mark anew


Crypto Keeps Growing Despite Bearish Sentiments
 
Avalanche and Solana displayed remarkable performance, experiencing significant double-digit price surges once again. Bitcoin responded positively to the weekly low it established,
surging by $3,000 within hours,
challenging the $38,000 mark anew. Altcoins are also showing gains, with ETH and BNB hovering around the $2,000 and $250 marks respectively.
Reaching $38,000 again
Bitcoin underwent a substantial surge precisely a week ago, reaching $38,000 for the first time in 18 months. However, the anticipated move by bears swiftly pushed the asset
southward, resulting in a decline of over $2,000 in minutes.
By the weekend, BTC had regained some value, staying above $37,000 for several days. The situation worsened on Tuesday and particularly on Wednesday, when bears drove the
cryptocurrency to a weekly low of $35,000.
Despite this, BTC rebounded after adding $3,000 in less than a day, revisiting $38,000 before once again falling under that mark. Presently, it has been unable to surpass this level,
hovering approximately $500
below it. Still, its market capitalization has grown by around $30 billion, reaching just over $730 billion on CoinMarketCap.
Altcoins show positive momentum
During periods of heightened Bitcoin volatility, most altcoins do not stay on the sidelines. Modest gainers among larger-cap altcoins include ETH, BNB, XRP, TRX, LINK, and LTC,
with price increases of up to 4%.
More significant price surges are seen in Solana (11%), Cardano (9%), Dogecoin (6%), Polkadot (8%), Toncoin (8%), and Uniswap (5.5%). Avalanche stands out with a substantial 27%
daily surge, resulting in AVAX
trading well above $23. The total crypto market cap increased by over $60 billion overnight, currently nearing $1.45 trillion on CoinGecko.
Other markets
Asian stocks declined on Friday amid escalating US-China tech competition, prompting Alibaba to scrap an $11 billion cloud unit listing. The 10% decline in stock price for Alibaba also
adversely impacted Hong Kong
and mainland benchmarks. Meanwhile, the MSCI Asia Pacific Index dipped, despite being on track for a weekly gain of around 3%.
In the oil market, prices faced a fourth consecutive weekly loss, entering bear territory. Treasury yields held steady after a decline fueled by soft US economic data. US shares
experienced volatility, with the S&P 500
on track for its best month in over a year. China directed lenders to limit interbank funding rates, while Berkshire Hathaway sold Yen bonds. In India, regulators urged banks to
increase buffers for certain consumer
loans, and money-market fund assets reached a record high. Lastly, gold prices rose after the most significant increase in a month.
Source : https://cryptoweekly.co/

 

Comments

Other content