At 12:04 p.m., BTC was trading 0.88% higher at $46,264, while Ethereum was up 1.26% at $2,613. While altcoins, such as Cardano, Avalanche, Polkadot and Polygon rose more than 3%.
"In the last 24 hours, the overall market showed volatility, especially after the launch of the BTC spot ETF. In particular, the Bitcoin spot ETFs achieved a trading volume that exceeded $4.5 billion on its first day , indicating positive market sentiment," CoinDCX Research said. Equipment.
Meanwhile, overnight BTC reached a new high of $49,000, but saw a rapid drop to $46,000, influenced by higher-than-expected CPI data.
The Labor Department's consumer price index (CPI), a key measure of inflation, rose 3.4% from a year ago and is higher than November's figure. "BTC dominance has been trending lower, providing room for altcoins to gain traction. ETH is positioned near the key $2,640 level and is currently consolidating below that resistance. The key support level for ETH sits at $2,450,โ CoinDCX said.
In Friday's operations, the global market cryptocurrency The market capitalization increased by 1.57% to around $1.77 trillion in the last 24 hours. Bitcoin dominance is currently 51.09%, according to CoinMarketCap. BTC volume in the last 24 hours decreased by 16.52% to $43.4 billion.
"Currently, Bitcoin is consolidating around the $46,000 level, driven by liquidation of short positions. Bitcoin is encountering resistance at $47,300, while support remains stable at the $45,500 level," said Edul Patel, Director Mudrex executive.
Sathvik Vishwanath, co-founder and CEO of Unocoin, said: "The 4-hour chart suggests a positive trend, with Bitcoin potentially challenging the resistance at $47,743. However, a drop below $45,026 could trigger a bearish reversal."
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