Bitcoin’s (BTC) sluggish volume improved slightly over the past 24 hours, leading to Wednesday’s strongest trading day in two weeks.
BTC/USDT closed one percent higher at $16,850, although the pair has since retreated to just under $16,800.
The bulls are struggling to reclaim the key $17,000 resistance point, which the pair has not been able to cross since December 16.
Encouraging inflation data on both sides of the Atlantic should theoretically encourage riskier sentiment towards Bitcoin, but the Federal Reserve has maintained its aggressive tone as the entire cryptocurrency market grapples with reputational damage following the FTX collapse.
BTC/USDT fails to inspire – Source: currency.com
If fortune favors the bears, we could see BTC retreat to $16,600.
As for Ethereum (ETH), the ETH/USDT pair is up a healthy 3.5% yesterday to hit an intraday high of $1,270 but has since retreated to $1,250.
Week-on-week (WoW), both benchmark crypto assets remain in the green, with BTC up over 1.5% and ETH up nearly 5%.
In the altcoin space, all eyes are on Solana (SOL).
Despite SOL taking a massive blow to its reputation in 2022, the coin has been on the right track, remaining nearly 40% higher than WoW, flattered by surprise meme coin hit Bonk.
Read more: Is Bonk the Start of a Meme Coin Bump?
Shiba Inu (SHIB), another dog-themed meme coin, appears to be riding Bonk’s coattails after adding 8% WoW, though Dogecoin (DOGE) has surprisingly remained silent.
Litecoin (LTC), despite retreating this morning, remains over 13% higher than WoW.
Among the worst performers of late is Huobi exchange’s HT token, which is down 7% today.
The global market cap across the crypto space is currently $819 billion, while the total value (TVL) across all decentralized finance (DeFi) protocols is currently $39.7 billion.
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