Bitcoin and other crypto tokens were trading higher on Friday with some of the tokens posting sharp double digits gains. Financial services giant Fidelity Investments was refiling an application for a spot bitcoin ETF or unexpectedly strong US economic data boosted the market sentiments.
Bitcoin was back in green as the largest crypto token advanced about 2 per cent to comfortably strengthen above $30,500-mark. Its largest peer, Ethereum, posted similar gains of 2 per cent but it remained below the $1,900 level. However, altcoins outperformed the headline tokens in terms of price action.
Bitcoin is trading near $30,700, up by 2 per cent in the last 24 hours as investors digest fresh restriction rhetoric from the Fed’s Jerome Powell. The world’s largest digital asset by market capitalization is caught in a dilemma between enthusiasm over recent institutional ETF filings and the Fed chair’s commitment to more rate hike cycles, said CoinDCX Research Team.
“Bitcoin’s market cap dominance has soared above 58 per cent, its highest level since 2021. This means that Bitcoin accounts for more than half of the total market capitalization of all crypto markets. This surge in BTCs dominance is being driven by a number of factors, including the recent decline in altcoin prices and the growing interest from institutional investors,” it said.
Top crypto tokens were trading mostly higher on Friday, with some posting big gains. Solana surged more than 18 per cent, while Litecoin rallied 14 per cent. Avalanche, Polygoin and Cardano gained 5 per cent, each, with Dogecoin and Polkadot adding 4 per cent, each.
The global cryptocurrency market cap was trading sharply higher, rising to the $1.19 trillion mark as it gained more than 2 per cent in the last 24 hours. However, the total trading volumes increased over 3 per cent to $33.37 billion.
Crypto markets have traded sideways in the last 24 hours, even amidst rekindled inflationary concerns and proposed Fed rate hikes. The crypto fear and greed index has jumped 2 points to re-enter the greed zone with a score of 56/100, said Parth Chaturvedi, Investments Lead, CoinSwitch Ventures.
“All of the top 10 cryptos by market capitalization seem to be trading in the green, In other news, rumors around Fidelity joining the BTC ETF bandwagon have been confirmed as it has refiled its paperwork for its Wise Origin Bitcoin Trust, a spot bitcoin ETF,” he added.
Polygon(MATIC) is moving within a horizontal trend channel in the medium long term, which indicates further consolidation in the direction. MATIC has been facing challenges below $0.72 with a possibility of a recovery if the price manages to surpass the $0.70 threshold.
Price bounced off of $0.66 support and remains closer to the 20-day moving average, which indicates moderate buying activity leading to an uptrend in near term. The RSI levels are in neutral territory. If price breaks below $0.60, MATIC enjoys next level of support at $0.55.
Major Levels:
Support: $0.60, $0.55
Resistance: $0.72, $0.80, $0.90(Views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)
