Bitcoin, Ethereum and Dogecoin traded higher over 24 hours leading up to Monday evening as the global cryptocurrency market cap rose 2.35% to $1.9 trillion.
| Coin | 24-hour | 7-day | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 2.9% | -1.4% | $40,447.36 |
| Ethereum ETH/USD | 3.6% | -2.3% | $3,009.73 |
| Dogecoin DOGE/USD | 19.8% | 11.6% | $0.16 |
| Cryptocurrency | 24-Hour % Change (+/-) | Price |
|---|---|---|
| Dogecoin (DOGE) | +19.8% | $0.16 |
| ApeCoin (APE) | +15.5% | $19.22 |
| THORChain (RUNE) | +8.7% | $8.46 |
See Also: Best USDC Interest Rates
Why It Matters: The specter of a 50-basis point interest rate hike may no longer be spooking investors, according to analysts.
Marcus Sotiriou, an analyst with the U.K.-based digital asset broker GlobalBlock said in a note “I am still cautiously bullish. This is because the market was already expecting a 50-basis point rate hike before Jerome Powell’s announcement last week, so this news has already been priced in to a large extent. This could lead to a buy-the-fact event on the day of the FOMC meeting on 3rd-4th May.”
The apex coin has regained the $40,000 level as investors “get close to fully pricing in Fed tightening for the year,” said Edward Moya, a senior market analyst with OANDA.
However, Moya said that inflation needs to “show signs” of peaking soon for crypto traders to receive the greenlight to scale back in.
Bears may be losing their grip on the market. Cryptocurrency trader Michaël van de Poppe tweeted there is great bullish divergence on Bitcoin and “bouncing from higher timeframes level here.
Sharing the apex coin’s chart, he said, “Looks ready for bullish continuation.”
When prices of Bitcoin fell from $39,900 to $38,200, the holdings of Bitcoin whale addresses that contain 10,000 to 100,000 coins rose by nearly 2%, according to a tweet from chartist Ali Martinez.
Monday’s top gainer was Dogecoin, which benefitted from the news of Tesla Inc TSLA CEO Elon Musk formalizing the purchase of Twitter, said Santiment on Twitter.
“We have historically seen that #memecoins benefit from [Musk] developments,” said Santiment.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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