Bitcoin crosses $37K as bulls take charge
By Laxmikant Khanvilkar
Leading virtual digital assets (VDAs), are gaining momentum, after negotiating with the liquidation pressure earlier last week, as bullish signals have reappeared in the past 24-hours. The commencement of Thanks giving week in the U.S. which coincides with market optimism is keeping crypto maximalist fairly active.
Bitcoin (BTC) has reclaimed $37,000 mark amid fresh bouts of positive trades. The world’s largest cryptocurrency by market cap is recently seen changing hands at $37,313, up 2.3%.
Ether (ETH) has also reclaimed $2,000 level. It was currently offered at $2,006 adding 2.7%.
In recent times, market observers have been highlighting the growing disconnect between crypto and traditional markets. However, some traders have pointed out that gains in the market mirrored those of traditional assets such as stocks. With hopes of Federal Reserve set halt its interest rate hikes, traders remain in hunt for better returns from risky assets.
Large altcoins too are gaining strength due to fresh buying activity. Binance native token BNB, Solana (SOL), Cardano (ADA), XRP etc have added 2% on an average.
As a result, the global crypto market cap increased 2% to $1.42 tn, in the last 24-hours. However, the total crypto market volume decreased 2.6% to $39.2 bn. The total volume in DeFi is currently $4.6 bn and all stablecoins $34.4 bn, representing 11.8% and 87.9% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 51.4%, down 0.06% over the day.
IC15 index, the barometer of top fifteen tokens, rose 2% to 47,173.
Meanwhile, the XRP Ledger, the blockchain behind the XRP cryptocurrency, has reached a new milestone by closing its 84 millionth ledger transaction. According to data from analytics platform XRPScan, the XRP Ledger’s current ledger count stands at over 84 million. This comes just six weeks after the ledger closed its 83 millionth transaction in early October, indicating a pace of around 1 million new ledgers per month.
Ahead in the week, investors will be closely monitoring existing home sales, FOMC meeting minutes, core durable goods orders, Michigan consumer expectations and sentiment, as well as preliminary manufacturing and services PMIs.
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