For the first time since June 16 in the 24 hours before to press time, Bitcoin increased by 8% to trade above US$22,000 as the market capitalization of cryptocurrencies reached US$1 trillion.
Over the past 24 hours, the volume of the global cryptocurrency market rose by over 12 percent, reaching $64.06 billion. $6 billion, or 9.48 percent of the 24-hour volume of the whole crypto market, was the total volume of DeFi. The overall volume of stablecoins was $57 billion, or 89 percent of the 24-hour volume of the whole crypto market.
The dominance of Bitcoin (BTC) grew to 43.34 percent, up 0.89 percent. The price of BTC has risen by 8% during the past 24 hours. BTC was now worth $22,116 at the time of writing. The price of BTC has risen by almost 12% during the past week.
“Bitcoin has been trading above the $22,000 mark for the previous 24 hours as the strong market attitude lasts another day. BTC has increased by more than 23% since the year’s low of US$17,592. “BTC may soon make additional higher gains if the bulls can keep it there,” said Edul Patel, co-founder and CEO of the cryptocurrency investment site Mudrex.
“On Thursday, Ethereum, the second-largest cryptocurrency, also broke through its crucial mark at US$1,200, and the price is very close to its resistance at US$1,281. Over the previous day, the market cap of all cryptocurrencies increased by 5%,” he remarked.
Changing Crypto Rupee Index
The CoinSwitch Crypto Rupee Index (CRE8) rose about 2% on the previous day to Rs 2491 at the time of writing. Crypto market activity in INR is tracked by CRE8.
Bitcoin is expected to post its highest weekly increase since late October. The highest rise for a similar time period since 2021 was seen in the largest cryptocurrency by market capitalization, which was up more over 13 percent for the week.
The price of the biggest and most widely used cryptocurrency in the world was rising by more than 8% and trading beyond the $22,000 level. The market capitalization of all cryptocurrencies went back above the $1 trillion threshold today after increasing by more than 5% in the previous day to reach $1.01 billion.
“Last day, Bitcoin crossed $22,000 for the first time in three weeks as the traditional and cryptocurrency markets responded favorably to the assurances provided by the U.S. Federal Reserve claims that the recession worries are exaggerated. The fear and greed index for the Bitcoin market increased to 20, the highest level in two months, according to WazirX Trade Desk.
The second-largest cryptocurrency, Ether, which is connected to the Ethereum network, increased more than 7% to $1,254. Shiba Inu price increased by more than 7% to $0.000011, while Dogecoin price was trading about 4% higher at $0.07.
“The cryptocurrency market rose for a second straight day on Thursday as the majority of coins appeared in the positive territory. Bitcoin was just above the $22,000 mark and has increased by nearly 23% since the year’s low of US$17,592. Bulls need to keep it there for some more upward movement to occur soon.
On the other hand, Ethereum also breached the critical US$1,200 milestone, and the price is currently close to its US$1,281 resistance level. Shiba Inu increased as well after the ecosystem revealed that it would receive a stablecoin and a new reward token. Market sentiment appears to be optimistic overall, according to Edul Patel, CEO and Co-Founder of Mudrex.
As XRP, Solana, BNB, Litecoin, Stellar, Chainlink, Tron, Uniswap, Tether, Polygon, Apecoin, Avalanche, and Polkadot prices were trading with gains in the region of 4-14 percent over the last 24 hours, other cryptocurrency values today also performed better.
Due to monetary tightening and a spate of catastrophes in the digital asset sector, which is still regaining its composure after a binge on borrowing, Bitcoin is still more than 50% lower in 2022.