A surge in decentralized finance and non-fungible tokens has propelled Ethereum to a 2.62% increase, while Bitcoin’s stability may be short-lived as traders eye the $105,000 resistance level.
The cryptocurrency market continues to be influenced by various factors, including global economic trends and investor sentiment. In this article, we’ll take a closer look at the current state of the market and some key developments.
Cryptocurrency is a digital or virtual currency that uses cryptography for security and is decentralized, meaning it's not controlled by any government or institution.
It operates independently through a network of computers, allowing for peer-to-peer transactions without the need for intermediaries.
The first cryptocurrency, 'Bitcoin' , was introduced in 2009, followed by numerous others like 'Ethereum' and 'Litecoin' .
Today, cryptocurrencies are used for various purposes, including online payments, investments, and even as a store of value.
The price of ‘Bitcoin (BTC)’ has been relatively stable over the past 24 hours, with a slight increase of 0.28% from $103,688.48 to $103,688.48. However, this stability may be short-lived, as traders are cautious about reaching the resistance level at $105,000.
Bitcoin is a decentralized digital currency that allows for peer-to-peer transactions without the need for intermediaries.
Created in 2009 by Satoshi Nakamoto, bitcoin uses cryptography to secure and verify transactions.
The total supply of bitcoin is capped at 21 million, making it a scarce asset.
Bitcoin transactions are recorded on a public ledger called the blockchain, which ensures transparency and security.
Meanwhile, ‘Ethereum (ETH)’ has seen a significant increase in value, up 2.62% from $2,610.41 to $2,610.41. This surge is largely attributed to the growth of decentralized finance (DeFi) and non-fungible tokens (NFTs).
In terms of market positioning, funding rates for perpetual futures remain below an annualized 10%. While this indicates a bullish sentiment among traders, it also suggests that the market may be due for a correction.
The Bitcoin dominance index has dropped to 62.89%, indicating a decline in the coin’s market share compared to other cryptocurrencies.
Spot ‘BTC ETFs’ have seen net inflows of $114.9 million, but these flows have slowed down significantly over the past few weeks. This drop is likely to keep the price range bound and may impact the overall market sentiment.
Other key developments include:
- The US 10-year Treasury rate has dropped by 3 basis points, which could impact interest rates and affect cryptocurrency prices.
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Japan’s GDP has shrunk for the first time in a year, raising concerns about recession fears and exports.
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‘XRP’ has slid 4% due to cautious trading and profit-taking among bitcoin traders.
Overall, the market is expected to continue its upward trajectory, but with some cautionary notes. As always, it’s essential to stay informed and adjust your investment strategy accordingly.
The cryptocurrency market is a decentralized, digital marketplace where various cryptocurrencies are bought and sold.
It operates independently of traditional financial systems, allowing for peer-to-peer transactions without intermediaries.
The market's value is determined by supply and demand forces, influencing the prices of individual cryptocurrencies such as 'Bitcoin' , 'Ethereum' , and others.
As of 2022, the global cryptocurrency market capitalization exceeds $2 trillion, with over 10,000 different digital currencies in existence.
Here are the key statistics:
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BTC: $103,688.48 (up 0.28% from $103,688.48)
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ETH: $2,610.41 (up 2.62%)
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Bitcoin dominance index: 62.89%
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Spot ‘BTC ETFs’ : net inflows of $114.9 million
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US 10-year Treasury rate: down by 3 basis points
