Bitcoin Rallies Above $27.7K As Macro Concerns Ebb
By Laxmikant Khanvilkar
Leading virtual digital assets (VDAs) have once again started moving higher and are calm experiencing a sharp rally on Monday as the headwinds in the traditional markets have subsided.
Bitcoin (BTC) largest cryptocurrency by market capitalization was recently trading at $27,769.57, up 1.86%.
Ethereum (ETH), the second largest crypto in market value, was quoting 0.72% higher at $1,648.23.
Analysts have highlighted that the BTC has come out from its downtrend starting in the summer and turned the $27,000 level into support. It is now eyeing $30,000 mark as low volatility is likely to prevail in the market in the near future.
A less than anticipated increase in the U.S. jobs data helped soothe nerves in traditional markets. The S&P 500 index closed the day 0.8% higher, while the tech-heavy NASDAQ 100 index posted a 1.45% gain.
Elsewhere, Solana’s native token SOL also pared its gains from earlier this week, slumping 2.3% in the past 24 hours. The token is still up over 20% in a week.
Layer 1 blockchain Avalanche’s AVAX was a top performer among major cryptocurrencies, surging 7%. XRP also rallied over 3% earlier in the day as Ripple’s Asian arm obtained a license in Singapore and a favorable court ruling.
The global crypto market cap added 0.63% to $1.09 tn, over the last 24-hours. On the other hand, the total crypto market volume decreased 23.79% to $27.41 bn. The total volume in DeFi is currently $2.51 bn and all stablecoins $25.68 bn, representing 9.17% and 93.68% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance increased eased 0.35% to 49.69%.
IC15 index, the barometer of top fifteen tokens, surged 1.18% to 35,627.29.
Meanwhile, The Hong Kong Stock Exchange’s Stock Connect system, which links Hong Kong’s stock markets with those in mainland China, is getting an upgrade thanks to blockchain technology. The upgrade dubbed Synapse, will incorporate smart contracts to help execute post-trade workflows and reduce settlement risk.
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