Tuesday’s activity in the main cryptocurrencies increased ahead of tomorrow’s anticipated interest rate announcement from the US Federal Reserve.
At around 12:49 p.m., Ethereum, the largest peer, was up 0.44% to $1,797, while Bitcoin was down 0.18% at $34,278.
October has seen a 27% increase in bitcoin, and it is expected to end the month significantly higher than $34,000. November may experience a modest decline in order to maintain market stability, based on 2019, the year prior to the halving. The solid $33,200 level of support is what Bitcoin has to hold in order to advance. This week, the dominance of Bitcoin has somewhat decreased while Solana, Polkadot, and XRP all had daily increases.
Over the past day, the price of bitcoin has been largely stable at $34,300 as investors await the US Federal Reserve’s Wednesday interest rate decision. Bitcoin needs to break through the $34,700 barrier in order to continue rising; otherwise, it may have to look for support close to $34,000.
Over the past day, the value of the worldwide cryptocurrency market has increased by 0.37% to over $1.27 trillion.
Solana and Chainlink, two more well-known altcoins, increased by 9.9% and 5.13%, respectively. Moreover, the prices of Litecoin, Tron, Cardano, Toncoin, Polygon, Polkadot, and XRP all increased.
Currently, DeFi’s total volume is $4.17 billion, or 10.2% of the 24-hour volume of the entire cryptocurrency market. At $36.65 billion, the entire value of stablecoins represents 89.63% of the 24-hour volume of the cryptocurrency market.
The largest cryptocurrency in the world, Bitcoin, had a fall in market capitalization to $667 billion in the past day. Currently, 52.7% of the market is made up of Bitcoin, according to CoinMarketCap. The volume of BTC increased by 35.8% to $17.2 billion in the last day.
With Ethereum trading slightly over $1,765, Bitcoin is facing resistance over $35,000, where it registered a strong 15% weekly gain. The US jobs report and the Federal Reserve meeting are two macroeconomic events that could have an impact on the cryptocurrency market this coming week. Notwithstanding the upward trend, traders must use caution in analysing Bitcoin volatility.