Today’s Crypto Prices: Bitcoin Reaches $29,000 Again; Ethereum Falls Below $1,600; Solana’s Value Increases by 9%
Cryptocurrency Market Sees Gains as US Fed Chair’s Comments Impact Treasury Yields
Bitcoin and other cryptocurrencies saw significant gains on Friday following the US Fed chair’s commentary that caused treasury yields to rise. Meanwhile, the state of New York filed a lawsuit against Digital Currency Group, its subsidiary Genesis Global Capital, and crypto exchange Gemini for alleged fraud amounting to over $1 billion.
Bitcoin Regains Momentum
After a brief period of profit booking, Bitcoin surged more than 3 percent on Friday, reclaiming the 29,000-level. Ethereum also rose more than 2 percent, but remained below the $1,600-level. Most altcoins were trading higher in the early morning.
Shifting Market Narrative
The market narrative has shifted toward increasing Bitcoin dominance, with Ethereum falling against Bitcoin. Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, noted that other layer 2s have also been underperforming. Social media company Reddit announced the winding down of its internet points feature due to scalability issues.
Blockchain Developments in India
India has been active in the blockchain technology space, with HPCL partnering with blockchain software firm Zupple Labs to use the LegitDocs service for automatic verification of purchase orders (POs). After six months of work, HPCL has completed the integration.
Cryptocurrency Gains
With the exception of the US dollar pegged Tether, the majority of top cryptocurrency tokens saw significant gains. Solana rallied about 9 percent, XRP gained about 7 percent, Toncoin rose 6 percent, and Bitcoin Cash and Litecoin each added 5 percent and 4 percent, respectively.
Global Market Cap and Trading Volumes
The global cryptocurrency market cap rose to $1.11 trillion, a 3 percent increase in the last 24 hours. Trading volumes also rose, increasing by 7 percent to $42.60 billion.
Market Response to US Federal Chair’s Announcement
Bitcoin surged past the $28,600 mark following the US Federal Chair Jerome Powell’s announcement that the Federal Reserve is likely to maintain current interest rates in November, with a potential increase in December. This coincided with a 6-basis point jump in the 10-year US Treasury yield.
Positive Sentiment in the Market
Edul Patel, Co-founder and CEO at Mudrex, expressed a bullish sentiment in the market, with Bitcoin growing over 8 percent in the past week. Ripple’s price also surged by over 7 percent in the last 24 hours following the US SEC’s decision to drop charges against Ripple Labs’ CEO and Chairman.
Tech View by Giottus Crypto Platform
Maker (MKR) is currently facing difficulty in breaching its resistance levels. The asset, trading at $1,420, is holding steady in a horizontal channel and is expected to continue in the near term.
Key Levels for MKR
MKR is facing immediate resistance at $1,490, with the potential for further resistance at $1,585. It is currently holding well above its 50-day moving average at $1,315 and has shown signs of recovery in the last couple of days.
Rising Sentiment and Recommendations
Overall, the cryptocurrency market saw gains as a response to the US Fed chair’s comments. Analysts remain bullish on Bitcoin and Ripple, and MKR’s performance is also being closely monitored. Investors are advised to consult financial advisers before taking any position in cryptocurrencies.
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