Bitcoin scales $35K amid rally in altcoins
By Laxmikant Khanvilkar
Leading virtual digital assets (VDAs), are witnessing mini bull rally which according to analysts is triggered by aggressive accumulation of Bitcoin (BTC). The price of largest cryptocurrency by market capitalisation, topped $35,500 level momentarily before retreating. It is currently charging hands at $35,324.77 up 1.31%.
Ethereum (ETH), the second largest crypto in market value, eased 0.34% at $1,884.34.
Interestingly, large-cap alternative coins continued to benefit from the capital rotation, the frequency of which has accelerated in the recent time.
Solana (SOL), toncoin (TON) gained 5%-10% helped by rebalancing of capital into altcoins. Binance’s BNB, Ripple’s XRP, Cardano’s ADA and dogecoin (DOGE) gave back some gains from earlier this week, retreating 3%-4%.
Overall impact, the global crypto market cap increased 0.2% to $1.33 tn, over the last 24-hours. Simultaneously, the total crypto market volume increased 23.95% to $48.95 bn. The total volume in DeFi is currently $5.28 bn and all stablecoins $44.01 bn, representing 10.62% and 89.9% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 51.81%, up 0.44% over the day.
IC15 index, the barometer of top fifteen tokens, edged up 0.17% to 44,319.06.
Meanwhile, the digital asset space also benefited from the risk-on sentiment in traditional markets. Gold giving some of its gains amid fading safe haven appeal also helped crypto to collect gains. With the decision on BTC spot ETF still pending a phase of consolidation cannot be ruled out.
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