Major cryptocurrencies saw gains in Thursday’s trading as market confidence that the Federal Reserve is done raising interest rates was bolstered by new inflation data.
In the meantime, US retail sales declined in October following many months of robust increases, suggesting a weakening economy and reinforcing views that the Fed will stop raising rates.
The price of Bitcoin was up 5.2% at $37,415, while Ethereum, the second-most popular currency, was up 3.6% at $2,054. The value of the world’s cryptocurrency market increased by 4.8% in the previous day to approximately $1.43 trillion at the same time.
Following a significant liquidation of leveraged positions totaling close to $100 million for the day, Bitcoin (BTC) is up 5%, trading around $37,700. The Federal Reserve’s easing cycle narrative is being supported by US inflation and retail statistics, which is driving the market recovery along with aggressive purchasing and macroeconomic fundamentals.
Over the course of the last day, Bitcoin has increased by more than 5%, trading at almost $37,500. This rise continues despite the US SEC not providing any updates on applications for Bitcoin Spot ETFs.”
Popular altcoins like Avalanche and Solana saw increases of 13% and 25%, respectively. Moreover, XRP, Cardano, Dogecoin, Toncoin, BNB, and Polkadot all saw 2-6% increases.
The largest cryptocurrency in the world, Bitcoin, saw a rise in market capitalization to $730 billion in the past day. Currently, 51.06% of the market is made up of Bitcoin, according to CoinMarketCap. The volume of BTC increased 21.76% to $28.3 billion in the last day.
With success, Bitcoin has maintained its $35,000 level of support and is moving closer to $38,000. In the next weeks, $40,000 becomes a possibility if this threshold is crossed. Many altcoins have the potential to catch up and push the entire market capitalization of cryptocurrencies towards $1.5 trillion if Bitcoin stays in its current range of prices.