Categories: Crypto Review

The Crypto market pushes back from the bottom

Bitcoin jumped 7% on Monday, ending the day at around $31.2K. On Tuesday morning, positive momentum persisted, with the rate climbing above $32.0K, a 20-day high.

Ethereum added 8.2%, while other top-ten altcoins gained between 4.9% (BNB) and 14.8% (Cardano).

The total capitalisation of the crypto market, according to CoinMarketCap, rose 4.3% overnight to $1.31 trillion, with the Bitcoin Dominance Index rising 0.1 points to 46%. The Cryptocurrency Fear and Greed Index was up 6 points to 16 by Tuesday but still in “extreme fear”.

Due to the US bank holiday, markets were minimally active on Monday, but the momentum was on the plus side. At first, the emerging rebound from the bottom may be self-sustaining, as many market participants believe that the crypto market has corrected enough to become attractive for long-term buying. However, fundamentals such as halving, soft monetary policy or accelerated adoption are needed for growth to continue. But the latter is not easy right now.

Bank of America CEO Brian Moynihan has stated that the bank has no plans to introduce cryptocurrencies in the foreseeable future because the industry is too strictly regulated.

After the Terra project collapsed, CFTC Commissioner Caroline Pham compared investing in crypto assets to buying lottery tickets, which can be expected to both win and lose.

Real Vision CEO Raoul Pal reiterated that in the long term, Ethereum, the leading smart contracts platform, will surpass bitcoin in terms of market capitalisation, trading volume and number of active wallets.

SkyBridge Capital founder Anthony Scaramucci noted the interest of large investors in spot bitcoin ETFs and suggested they could be launched as early as this year. Payments service MoneyGram plans to launch Stablecoin transfer services in partnership with Stellar.

The FxPro Analyst Team

The FxPro Analyst Team

Our team consists of financial market experts. Our dedicated professionals prepare reviews on the foreign exchange market situation, Crude Oil, Gold and Stock Indices. All the analysts are regularly published in the world leading economic media.

Share
Published by
The FxPro Analyst Team
Tags: Bitcoin

Recent Posts

The dollar has reached range limits

The US dollar has strengthened, reaching the upper boundary of its trading range. The British…

2 hours ago

Crypto: Tug-of-war at new altitude

Cryptocurrencies continued to surge, pushing the total cap to $3 trillion. Bitcoin has gained nearly…

3 hours ago

USDJPY Wave Analysis 13 November 2024

- USDJPY broke key resistance level 154.70 - Likely to rise to resistance level 157.20…

22 hours ago

USDJPY Wave Analysis 13 November 2024

- USDJPY broke key resistance level 154.70 - Likely to rise to resistance level 157.20…

22 hours ago

WTI crude Wave Analysis 13 November 2024

- WTI crude oil reversed from the multi-year support level 66.70 - Likely to rise…

22 hours ago

Japanese inflation continues to rise

Japanese inflation is rising, with corporate goods prices inflation accelerating to 3.4% y/y in October,…

1 day ago

This website uses cookies