Todays Crypto Price: Bitcoin Stays Above $25,700 as Tron and Polygon Experience 2% Surge

Todays Crypto Price: Bitcoin Stays Above $25,700 as Tron and Polygon Experience 2% Surge

The Cryptocurrency Market: Mixed Trading and Growing Market Cap

In Thursday’s trade, numerous cryptocurrency tokens exhibited mixed trading patterns. Although while Bitcoin, Ethereum (ETH), BNB, Cardano (ADA), and Tron recorded gains, XRP Ripple (XRP), Dogecoin (DOGE), Solana (SOL) and Shiba Inu (SHIB) experienced cuts in their prices. Regardless of this, the worldwide digital currency market cap saw growth, reaching approximately $1.04 trillion and growing by 0.22% within the last 24 hours.

Bitcoin’s Price Movement and the Influence of Cathie Wood’s ARK Invest

Despite the fact that Bitcoin’s price remained within a narrow range, briefly dipping below $25.5k and growing over $26k, a whole lot of event took place. It was revealed that Cathie Wood’s ARK Invest, a major tech investor, applied for a spot Ethereum (ETH) ETF in the United States. Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, pointed out that this news coincided with a small dump and pump in Bitcoin’s price.

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The Significance of DeFi Volume and Stablecoins

Within the total cryptocurrency market 24-hour volume, the volume in DeFi as of now stands at $2.07 billion, accounting for 7.87% of the total. In addition, stablecoins contribute significantly, with a volume of $25.1 billion, representing 95.46% of the total cryptocurrency market 24-hour volume.

Bitcoin’s Dominance and Price Outlook

According to CoinMarketCap, Bitcoin’s dominance as of now sits at 48.19%. The volume of Bitcoin reached approximately $11.99 billion, experiencing an 11.41% rise in the previous day. Vikram Subburaj, CEO of Giottus Cryptocurrency Platform, predicts a death cross, where Bitcoin’s 50-day and 200-day moving averages intersect near $27,700 in the next week. This could increase selling pressure and make breaking the resistance zone more challenging.

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Tech View and Predicting Bitcoin’s Breakout

ZebPay Trade Desk outlines Bitcoin’s tight trading range between $25,333 and $26,156 since September 1st, leading to low volatility. These periods often precede a breakout, though predicting the direction is difficult. Historical data outlines a pattern of declines in September, which might impact positive trend sentiment. In addition, the rise in the United States Dollar Index could exert downward pressure on Bitcoin’s price.

Cryptocurrency Cart: Quick Glance

Here’s a quick overview of the present prices of select cryptocurrencies:

  • Bitcoin (BTC): $25,738 (0.06% change in the last 24 hours)
  • Ethereum: $1,632 (0.23% change in the last 24 hours)
  • Tether: $0.9993 (0.01% change in the last 24 hours)
  • BNB: $215 (0.38% change in the last 24 hours)
  • XRP: $0.4997 (-0.32% change in the last 24 hours)
  • Cardano: $0.2564 (0.22% change in the last 24 hours)
  • Dogecoin: $0.0633 (-0.83% change in the last 24 hours)
  • Solana: $19.5 (-1.28% change in the last 24 hours)
  • Polygon: $0.5613 (0.95% change in the last 24 hours)
  • Litecoin: $63.11 (0.46% change in the last 24 hours)
  • Polkadot: $4.25 (0.39% change in the last 24 hours)
  • Tron: $0.0788 (1.59% change in the last 24 hours)
  • Shiba Inu: $0.000007614 (-0.35% change in the last 24 hours)
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Hot Take: The Cryptocurrency Market’s Mixed Trading Patterns and the Impact of External Factors

The cryptocurrency market continues  to exhibit both gains and cuts in numerous tokens. External events, such as the latest information of Cathie Wood’s ARK Invest applying for an Ethereum (ETH) ETF, can influence price movements. In addition, factors like the dominance of Bitcoin, the volume of stablecoins, and the United States Dollar Index can shape the direction of the market. As we observe the tight trading range of Bitcoin (BTC) and anticipate a probable breakout, it is vital to consider historical patterns and the relationship between Bitcoin (BTC) and external factors when analyzing the market’s future movements.

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Author – Contributor at | Website

Cindy Dutta emerges as a polymath of the crypto realm, seamlessly blending the roles of analyst, researcher, and editorial virtuoso. Navigating the intricate labyrinth of cryptocurrencies, Cindy unfurls intricate patterns of digital assets, resonating harmoniously with minds of all kinds. Her knack for unraveling enigmatic crypto intricacies intertwines effortlessly with her editorial finesse, transmuting complexity into an immersive symphony of comprehension.

Bloomberg Crypto 09/19/2023
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