Bitcoin’s Price Remains Stable as Market Capitalization Approaches $1.1 Trillion
The past week has been positive for the cryptocurrency industry, with Bitcoin’s price experiencing a slight increase of less than 1%. The total market capitalization is nearing the $1.1 trillion mark, indicating overall growth and stability in the market.
The US FOMC Meeting and Its Impact on Bitcoin
The most significant news of the week was the US Federal Open Market Committee (FOMC) meeting held on Wednesday. The central bank announced its decision to maintain the target range for the federal fund rate at 5-1/4 to 5/12 percent. The statement acknowledged that job gains have slowed but remain at elevated levels. Additionally, the unemployment rate in the country remains low, while inflation continues to exceed its target.
Despite this news, Bitcoin’s price did not react and remained relatively flat. It attempted to break above $27,000 multiple times but faced resistance from bears each time.
Altcoin Action: TON and XRP
While Bitcoin remained stable, some altcoins saw significant movement. The top performer of the week was Toncoin (TON), which experienced a remarkable 17% increase in value. Ripple’s XRP followed closely behind with a 3.7% gain.
An interesting development regarding XRP is that it became the most-traded altcoin on US-based exchanges. This is noteworthy considering many exchanges had delisted XRP until July when a Judge ruled that secondary XRP sales are not securities. Following this ruling, exchanges like Coinbase relisted XRP, leading to a surge in trading volumes.
Awaiting Bitcoin’s Next Move
Despite the excitement in the market, Bitcoin failed to capitalize on the momentum and is currently trading at a similar level to last week. It remains to be seen whether the coming week will bring any significant changes for the leading cryptocurrency.
Market Data
Market Cap: $1.09 trillion | 24H Vol: $44 billion | BTC Dominance: 47.4%
BTC: $26,644 (+1.5%) | ETH: $1,597 (-1.5%) | BNB: $210 (-0.6%)
Hot Take: Bitcoin’s Price Remains Stable as Market Eyes $1.1 Trillion
The past week has seen positive growth in the cryptocurrency industry, with Bitcoin maintaining its price stability and the market capitalization approaching $1.1 trillion. The US FOMC meeting had no significant impact on Bitcoin’s price, which remained flat despite attempts to surpass the $27,000 level. Altcoins such as TON and XRP experienced notable movements, with XRP becoming the most-traded altcoin on US exchanges following its relisting. Despite the excitement, Bitcoin failed to make significant gains and remains at a similar level to last week. As we look ahead to the coming week, it will be interesting to see if any major developments will influence Bitcoin’s performance.
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