Bitcoin Eye $31K; Ethereum Nears $2.1K Mark
By Laxmikant Khanvilkar
Bitcoin, Ethereum prices jumped in the last 24 hours following the slew of news flow that led investors to buy virtual digital asset or VDA. Prospects of FTX resuming its operations, Ethereum Shanghai upgrade going live, London Stock Exchange unit offering services for cash-settled bitcoin (BTC) index futures and options, Twitter-eToro partnership for stocks-crypto trading platform fuelled optimism.
Experts have identified the rally as ‘sell the rumor buy the fact redux’.
Bitcoin, the most popular private digital currency jumped over $30,700 mark. Ethereum surged towards $2,100 level. The second largest VDA has added nearly 10% posts Shanghai upgrade which is expected to result in unstaking tokens worth billions of dollars.
ETH’s share of the total crypto market capitalization rose to a one-month high, according to TradingView data.
The global crypto market cap has grown by 2.39% in the last 24 hours, reaching a total of $1.26 tn. In the same timeframe, the total crypto market volume decreased by 6.21%, amounting to $45.47 bn. DeFi accounted for 8.08% of the total with a volume of $3.67 bn, while stablecoins was $40.77 bn, which is 89.67% of the total. Bitcoin’s market dominance decreased by 0.41% over the day, and is currently at 46.76%.
Against the backdrop of January-March quarter earnings seasons and the banking sector performance remains a focal point, the prospect of rate hike in the FOMC meet next month, investors seems seeking refuge in VDAs.
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