Tuesday, November 28, 2023

Market Watch Feb 4: Bitcoin Feels Pressure, Trading Remains Bullish

Though the market is green, the crypto market is feeling the pressure to perform, especially bitcoin as it has been bullish throughout the week. The world’s most popular cryptocurrency has made significant gains after last month’s price crash. Analysts believe BTC’s selling pressure was mostly going during US trading hours on Thursday. There was noted ease on the sell-off on tech stocks during late trading.

According to CryptoCompare, the trend of reduced spot trending was observed most of January. It highlighted that January’s spot trading volume for the crypto market across major exchanges reached its lowest level since December 2020.

Looking at the broader crypto market, Ether is once again trading at $2,703. The world’s second most popular cryptocurrency, which closely follows bitcoin, has been up by nearly 2% in the past 24-hours and has gained nearly 7% in the past seven days. The high volatility of BTC has had a negative impact on Ether. Crypto investors have highlighted bitcoin digital scarcity as inflationary protection but that has not changed its volatility. BTC has been moving in tandem with risk markets.

The altcoins are in the green (data as per CoinMarketCap):

Terra LUNA is trading at $51.13 and is up by 6.07% in the past 24-hours

XRP is trading at $0.613 and is up by nearly 2% in the past 24-hours

Polkadot DOT is trading at $19.08 and is up by nearly 3.30% in the past 24-hours

Polygon MATIC is trading at $1.55 and is up by 1.36% in the past 24-hours

Cosmos ATOM is trading at $28.98 and is up by nearly 11% in the past 24-hours.

The biggest loser is Avalanche AVAX which lost 0.21% in the past 24-hours.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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