The Crypto market is in the green zone. The market capitalization remains low at an aggregate value below $1 trillion. But the current value of $957,429,086,062 is on course to break above $1 trillion if the bulls prolong.
The volume of transactions in the market is relatively low at $53,134,187,530.12 in the last hour. This indicates that investors are holding their digital assets as the market gears up for a rally in 2023. Next year, the Federal Reserve is projected to reverse its interest rate hikes to increase the circulation of money in the economy and spur economic growth.
The crypto market is already showing signs of stability. Bitcoin has been losing marginally in bear markets and reversing the loss afterward. The trend oscillations have been steadily increasing the level of support. However, low resistance levels due to the turbulent economy prevent a breakout on the upper side.
Bitcoin is Bullish
At the time of press, BTC is trading at $19,870.39. The Crypto has gained 2.17% weekly value, and its market capitalization is $383,067,485,974. The value accounts for 40% of the Crypto market, indicating Bitcoin’s dominance of the Crypto space.
In the last 24 hours, BTC has been bearish after shedding off 2% of its value. The plunge resulted from a daily transaction volume plummeting 17% to $29,927,189,151. Consequently. The token supply in the market fell to 1.5 million showing that investors are holding the rest of the 19 million coins in anticipation of a rally.
Despite the crypto winter, confidence in BTC remains high. Institutional investors have confidence in Crypto and see Bitcoin as an alternative to volatile tech stocks.
Ethereum is in the Green
ETH is also bullish. The largest altcoin has gained 1.5% in the last week, trading at $1,350.65. Its growth is less than that of BTC. Consequently, its market dominance has reduced to 17.4%.
ETH is one of the least performing Crypto in the market. Recently, Fidelity Investments launched an index fund. Additionally, the Ethereum mainnet had a merge that upgraded its consensus protocol to an environmentally friendly solution. However, the transformation of the Ethereum Blockchain has been unable to lift the price above the ideal resistance level of $1,500. The low ETH price, however, offers investors a chance to buy the dip.
Altcoins Are Also Bullish
The line between the financial and Crypto markets is getting blurry. With stringent regulations in place, investors have confidence in purchasing digital assets for investment and transaction purposes. BNB, XRP, ADA, SOL, and DOGE are Cryptocurrencies to look out for in the short term.
Ripple (XRP) and DOGE are assets that are making headlines in the meantime. XRP is steadily gaining market dominance, and DOGE is associated with Elon Musk.