Crypto Tokens Trade in the Red Following Sharp Rally
A day after a significant rally, crypto tokens are experiencing a decline in Thursday’s trade. Bitcoin (BTC) has fallen 0.79% to $27,248, while Ethereum (ETH) remains above the $1,700 level. The global cryptocurrency market cap is also trading lower at around $1.09 trillion, with a decrease of 0.78% in the last 24 hours. Despite this, investor sentiment continues to climb, currently sitting in the neutral zone at a score of 52/100.
Main Breakdowns:
- The crypto market has traded sideways with downward pressure in the last 24 hours.
- Analysts predict a 75% chance of Bitcoin ETFs receiving approval this year.
- Other top crypto tokens, such as Solana, Polkadot, and Shiba Inu, are also trading lower.
- The total volume in DeFi is currently 1.86 billion, 6.43% of the total crypto market 24-hour volume.
- Bitcoin’s dominance is currently 48.89%, according to CoinMarketCap.
“Bitcoin reactionary rally towards $28,000 post Grayscale’s legal win over SEC has been short-lived. The asset is now consolidating just above $27,000. Unless Bitcoin takes out $28,400 in the upcoming weeks, crypto market’s broader momentum is likely to be bearish in September,” said Vikram Subburaj, CEO of Giottus Crypto Platform.
Hot Take:
The crypto market experienced a decline following a sharp rally, with Bitcoin and other tokens trading lower. While investor sentiment remains positive, there is uncertainty regarding the approval of Bitcoin ETFs and the future momentum of the market. With Bitcoin’s dominance at 48.89%, it will be crucial for the cryptocurrency to surpass $28,400 to avoid a bearish trend in September.
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