The bitcoin price increased by 1.3% in the last 24 hours as traditional markets recovered and crypto markets stabilized after Monday’s sharp rally. During the U.S. afternoon, the biggest cryptocurrency by market capitalization was trading at roughly $27,700. BTC temporarily surpassed $28,000 earlier this week before giving back some of its gains.
The researchers at cryptocurrency services company Matrixport highlighted on Wednesday that BTC has reversed its summer-long slump and turned the $27,000 barrier into support.
According to the research, the price of BTC may rise above $30,000. The initial Monday rise, meanwhile, failed to have much of an impact as BTC trade volume fell from $19 billion to $11 billion.
In research released on Wednesday, Enigma Securities, an institutional provider of digital asset liquidity and consulting services, predicted that there will be little volatility in the cryptocurrency markets in the coming months.
According to Vetle Lunde, senior analyst at K33 Research, markets will likely stabilize and move sideways in October, prolonging the window for accumulation for long-term investors.
The CoinDesk Market Index, a proxy for the larger cryptocurrency market, increased by 0.8%.
After a tumultuous Tuesday day, traditional markets stabilized as new job data indicated a softening U.S. labor market.
Earlier today, the ADP announced that the U.S. economy created 89,000 more jobs in September than it did in August, or the 153,000 jobs economists predicted. This was the weakest increase in private sector jobs since 2020, remarked Kathy Jones, chief fixed income analyst at Charles Schwab, in a post on X (previously Twitter).
The tech-heavy NASDAQ 100 index registered a 1.45% rise, while the S&P 500 index ended the day 0.8% ahead.
As market players processed the dismal opening days of the first futures-based exchange-traded funds in the United States, the price of ether (ETH) underperformed and fell by 0.7%. Because there aren’t any medium-term catalysts for ETH, K33 Research urged investors to switch to BTC.
The native token of Solana, SOL, has likewise lost some of its gains from earlier this week, falling 2.3% in the last day. Still up more than 20% in a week, the token
First-layer blockchain With a 7% increase, Avalanche’s AVAX was one of the best-performing cryptocurrencies overall. Earlier in the day, XRP also increased by more than 3% as a result of Ripple’s Asian division obtaining a license in Singapore and a favorable court decision.