Bitcoin has made slight gains in a surprising manner but the global crypto market continues to linger in losses. The value of Bitcoin and Ethereum has enhanced, leading to an overall enhancement in value in the overall market.
But Bitcoin is going through a see-saw battle near the psychological level of $20,000. The bulls and bears are eyeing supremacy. At the time of writing this article, BTC was trading at $20,432. It gained 3.09% in the last 24 hours. Ethereum is up by 8.83% and changing hands at $1,579, as per CoinMarketCap. The popular cryptocurrency’s resilience has pulled in more investors and given much hope. Its recent price dive is seen as a precursor to a bigger drop stemming from Jerome Powell the US Federal Reserve Chair’s vow for monetary hawkishness.
Luke Farrell, a crypto trader for GSR, says macro has been in the driver’s seat all year. He highlighted that the market has been reminded, after Jackson Hole, that the same type of inflationary headwinds with strong job markets remain. Farrell outlined that there is just a bit of reassessment of that optimism that came after the Consumer Price Index (CPI) print last month and some oversold conditions that started in June.
It should be noted that the world’s second most popular cryptocurrency Ethereum has been rising sharply and more consistently than Bitcoin. And this has been observed over the past couple of months as the Ethereum blockchain nears its much-anticipated Merge. In regards to the altcoins, Avalanche AVAX is the biggest gainer. It’s up by 13.49% in the last 24 hours. Solana SOL is up by 7.59% and Polygon MATIC gained 6.90%.
