Bitcoin Rally Towards $28.5K
By Laxmikant Khanvilkar
Investors raising bets on risky assets ahead of the key U.S. data while shrugging off the lawsuit against Binance, set a tone for cryptocurrencies markets during the past 24-hours.
The virtual digital assets have also benefited from the crypto community rallying around the VDAs amid ongoing tensions.
Bitcoin, the largest cryptocurrency by market capitalization surged above $28,400 mark, up nearly 4%. Ether (ETH), the second-largest cryptocurrency in market value, was recently changing hands at $1,794, gaining 1.1% for the day.
Experts have maintained that the markets reacted positively despite the CFTC story mostly because the broader narrative of a return to quantitative tightening (QE) and fiat printing remains dominant.
Among other altcoins, crypto payment platform Ripple’s XRP token continued its strength from Tuesday, jumping nearly 6% to 54 cents. Cardano’s ADA token and Polygon’s MATIC token have added in excess of 3%.
The global crypto market capitalization has increased to $1.18 trillion, up 2.86% in the last 24 hours. The crypto market volume was estimated to be $47.16 billion, representing a 18.32% surge. The DeFi sector accounts for 11.49% of the total crypto market volume, amounting to $5.42 billion. Stablecoins, meanwhile, make up 86.82% of the total crypto market at $40.94 billion.
The Bitcoin dominance has also increased to 46.38%, a 0.56% increase since the previous day.
It appears that the investors are positioning themselves ahead of several data releases later this week, including Thursday’s U.S. final fourth-quarter GDP figure release and Friday’s personal consumption expenditures (PCE) inflation data.
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