Bitcoin Climbs Near $26.5K; Altcoins Rally Lead Markets Higher
By Laxmikant Khanvilkar
The leading virtual digital assets (VDA) are charting higher this morning, during the Asia trade, as recovery in broader markets and especially in equities, have boosted investor confidence in risky assets.
Bitcoin (BTC) jumped nearly 3%, above $26,600. Ethereum (ETH), advanced 3.5% towards $1,700.
BTC, the largest cryptocurrency by market capitalisation, rallied to week high and was last trading 1.67% higher at $26,508.79. ETH, the second largest crypto in market value, was changing hands at $1,681.73, up 2.80%.
Firm trend witnessed in the altcoins and stablecoins space, with Solana’s Sol, NEAR, ADA, BNB, DOT, adding between 3% to 7%.
The all round optimism drove global crypto market cap 1.72% higher to $1.07 tn, over the last 24-hours. Simultaneously, the total crypto market volume increased 3.19% to $34.39 bn. The total volume in DeFi is currently $2.05 bn and all stablecoins $32.6 bn, representing 5.97% and 94.80% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance decreased 0.17% to 48.32%.
IC15 index, the barometer of top fifteen tokens, jumped 2.15% to 34,768.76.
Meanwhile, most digital assets trade significantly lower than a week ago following a double-digit percentage pullback on Thursday, which sent bitcoin at one point plunging below $25,000.
Analysts expect the downtrend for digital assets to continue for weeks as both the technical and fundamental outlook for risk assets remain weak.
The lack of liquidity and participation on the market currently does not support higher prices.
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