Today’s sessions saw the global crypto market cap on a brief drop as the U.S economy recorded declines for two successive quarters in what defines a recession. Though the fear & greed index saw its best performance on Friday (since April), investors would likely remain on their toes, affecting the market.
Slight losses noted by BTC, ETH, SHIB, SOL, DOGE, and other leading cryptos saw the cumulative value of all digital coins dipping early today. While publishing this post, the crypto market capitalization hovered at $1.10, dropping 1.09% over the past 24 hours.
Mudrex’s Co-founder and CEO Edu Patel stated that the global cryptocurrency market retained a bullish stance since the week started. However, that wasn’t without minor retracement. Bitcoin and most large-cap cryptos recorded progress within the previous seven days. Most of them kept their gains despite the latest Fed rate hike.
UniFarm co-founder and COO Tarush Mittal stated that the crypto space saw a mini-surge with giants such as BTC and ETH presenting their best action in recent sessions. He added that bears might rule the 1.76 billion BTC monthly options expiry (on Friday) as BTC failed to overcome the resistance zone at $24K.
Bitcoin extended its downside bias for the 2nd successive day today, following a 2-day rally. However, the leading crypto stayed relatively flat. While publishing this content, BTC traded at $23,799.29, dropping 0.81% over the previous day (Coinmarketcap data). Meanwhile, BYC surged 4% within the past week.
Bitcoin opened the week hovering around $22K and hit the $24K mark on Thursday, after hovering beneath this mark for more than a month. Nevertheless, the following hours saw it rebounding to its consolidation level at $23K. Patel believes an extended relief rally by BTC might welcome a push towards $25K.
Ethereum also noted slight declines on Saturday but kept the $1.7K area. While publishing this post, the leading alt changed hands at $1,714, dropping 1.12% within the previous 24 hours. ETH gained approximately 5% within the last week, gaining momentum to support further upswings. This move confirms buyer strength within the market. Patel trusts the market could have escaped bearish effects. Nevertheless, it may be early to conclude.
Stay tuned for upcoming market developments.