Bitcoin and other crypto tokens traded higher on Friday with some of the tokens posting strong double-digit gains. Financial services giant Fidelity Investments was reapplying for a spot bitcoin ETF or unexpectedly strong US economic data boosted market sentiment.
Bitcoin was back in the green as the largest crypto token advanced around 2 percent to strengthen comfortably above the $30,500 mark. Its largest pair, Ethereum, posted similar gains of 2 percent but held below the $1,900 level. However, altcoins outperformed major tokens in terms of price action.
Bitcoin is trading near $30,700, up 2 percent over the past 24 hours as investors digest new tightening rhetoric from the Federal Reserve's Jerome Powell. The world's largest digital asset by market capitalization is caught in a quandary between enthusiasm for recent institutional ETF filings and the Fed chair's commitment to more rate hike cycles, CoinDCX's research team has said. .
โBitcoin's market capitalization dominance has skyrocketed above 58 percent, its highest level since 2021. This means that Bitcoin accounts for more than half of the total market capitalization of all crypto markets. This increase in BTC dominance is being driven by a number of factors, including the recent decline in altcoin prices and growing interest from institutional investors," he said.
Major crypto tokens were mostly trading higher on Friday, with some posting big gains. Solana is up more than 18 percent, while Litecoin is up 14 percent. Avalanche, Polygoin and Cardano each gained 5 percent, and Dogecoin and Polkadot added 4 percent each.
The global cryptocurrency market capitalization was trading considerably higher, reaching the $1.19 trillion mark, as it gained more than 2 percent in the past 24 hours. However, total trade volumes were up more than 3 percent to $33.37 billion.
Crypto markets have traded sideways over the past 24 hours, even amid reignited inflation concerns and proposed Fed rate hikes. The Crypto Fear and Greed Index is up 2 points to re-enter the greed zone with a score of 56/100, said Parth Chaturvedi, chief investment officer at CoinSwitch Ventures.
โAll of the top 10 cryptos by market cap appear to be trading in the green. In other news, rumors about Fidelity joining the BTC ETF bandwagon have been confirmed as it has resubmitted its paperwork for its Wise Origin Bitcoin Trust, a Spot bitcoin ETFs," he added.
Giottus Crypto Platform Tech View
The polygon (MATIC) is moving within a medium to long-term horizontal trend channel, indicating further consolidation in the direction. MATIC has been facing challenges below $0.72 with the possibility of a rally if the price manages to break through the $0.70 threshold.
The price bounced off the $0.66 support and remains closer to the 20-day moving average, indicating subdued buying activity leading to a short-term uptrend. RSI levels are in neutral territory. If the price falls below $0.60, MATIC enjoys the next level of support at $0.55.
Main levels:
Support: $0.60, $0.55
Resistance: $0.72, $0.80, $0.90
(Opinions and recommendations provided in this section are those of analysts and do not represent those of Business Today. Please consult your financial advisor before taking any position in any of the listed assets.)
