The Crypto Market Shows Positive Movement With Bitcoin and Ethereum Trading Higher
In Friday’s trading session, the crypto tokens experienced an upward trend. Bitcoin (BTC) saw a 2% increase, reaching $26,259, while Ethereum (ETH) remained just below the $1,650 level. At the same time, the global cryptocurrency market cap rose by 1.32% in the last 24 hours, amounting to approximately $1.06 trillion.
The recent rise in Bitcoin’s value may be attributed to a paper released by the International Monetary Fund (IMF) and the G20’s Financial Stability Board. The paper highlighted that outright banning of all cryptocurrencies would not be effective in the long run and suggested implementing targeted restrictions and a comprehensive monetary strategy instead.
In addition to Bitcoin and Ethereum, other top crypto tokens like Solana, Polkadot, and Litecoin also experienced an increase in trading prices, surging over 1%.
DeFi and Stablecoins Volume in the Crypto Market
The decentralized finance (DeFi) sector currently represents $2.37 billion, accounting for 9.22% of the total crypto market’s 24-hour volume. On the other hand, stablecoins have a volume of $24.11 billion, constituting 93.92% of the total crypto market’s 24-hour volume.
Bitcoin’s Market Cap and Price Analysis
With a market cap of around $512 billion, Bitcoin remains the largest cryptocurrency in the world. Bitcoin’s dominance currently stands at 48.57%, according to CoinMarketCap. However, despite rallying from $25,350, Bitcoin faces the challenge of surpassing the pivotal $26,200 threshold, indicating a bearish sentiment. Key resistance levels for Bitcoin are at $26,000 and $26,200, with potential targets set at $26,500 and $27,000.
Hot Take
The crypto market shows signs of positive movement, with Bitcoin and Ethereum trading higher. Bitcoin’s recent price increase may be attributed to the IMF and G20’s acknowledgment of targeted restrictions and a comprehensive monetary strategy as more effective approaches than an outright ban on cryptocurrencies.
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