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Price conflict between the two largest digital currencies... and promising news regarding market movement this month
Bitcoin rose during trading today, Thursday, gaining nearly 1% during the past 24 hours, coinciding with the decline of the second largest digital currency in terms of market value, Ethereum.
The largest digital currency by market capitalization was trading at around $27,500 during the past hours. Earlier this week, Bitcoin briefly rose above $28,000 and then pared some of its gains.
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Analysts at crypto services provider Matrixport noted on Wednesday that Bitcoin broke out of its downtrend from the beginning of this summer and turned the $27,000 level into support.
The report said that the price of Bitcoin may be heading towards $30,000. However, Monday's initial rally lacked significant follow-through, as trading volume for the popular cryptocurrency fell to $11 billion from $19 billion.
Meanwhile, Enigma Securities, an institutional digital asset and advisory firm, predicted on Wednesday in a report that low volatility in cryptocurrency markets will prevail for the coming months.
On the other hand, traditional markets calmed down after a turbulent session on Tuesday as preliminary jobs data indicated a slowdown in the US labor market.
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The employment report issued by ADP stated that the economy added only 89 thousand jobs for the month of September, while experts expected the addition of 153 thousand jobs. The previous August reading was revised to record 180 thousand after it was 177 thousand.
Ethereum price fell 0.7% as market participants digested the disappointing first days of the first futures-based exchange-traded funds in the US, while a K33 report advised investors to turn to Bitcoin, citing a lack of medium-term catalysts for Ethereum.
Solana also pared its gains earlier this week, as the coin's price has been relatively stable in the past 24 hours. While the token is still rising more than 20% in a week.
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The worst period has passed
According to a report by research firm Caico: “Cryptocurrency markets have witnessed a decline in trading volume over the past 11 months, reaching multi-year lows, amid price volatility. However, it is believed that the worst may be behind us.”
Bitcoin has seen a 67% jump since the beginning of 2023, which is considered a partial recovery after its decline in 2022. However, the digital currency is still far from the record price it reached during the pandemic period, reaching about $69,000.
Historically, October sees a rise in the price of Bitcoin, which gives traders some hope now. Over the past year, the digital currency Bitcoin recorded an average increase of 24% during the month of October, according to Bloomberg data.
Caico noted that Bitcoin is increasingly dominating digital currency trading in the United States, as it accounted for 71% of the trading volume on American exchanges during the month of September. This percentage exceeds the 66% that was recorded during the uncertainty in the banking sector during March.
Caico indicated that institutional transactions may have shifted towards Bitcoin amid rising real returns and increasing sentiments of risk aversion on a global level.
Cryptocurrencies today
The combined market value of the crypto market during these moments of today’s trading amounted to approximately $1.08 trillion. The trading volume reached approximately $32.53 billion.
Bitcoin rose during the last 24 hours to the levels of $27,567, by 1%, while recording weekly gains of 4.6%. Its market value now stands at $539 billion.
While Ethereum, which is the largest digital currency by market value after Bitcoin, declined by about 0.1% during the last 24 hours, reaching $1,632, with weekly gains of 1.5%, and a market value of about $197 billion.
The price of Binance Coin rose by 0.4% to record $212.
Solana rose by 0.05% during the last 24 hours to $22,929, and by 20% during the last 7 days.
While the price of Ripple XRP declined by 0.7% to $0.52212.
Cardano witnessed a rise to $0.2576, by 0.5%, while it rose in the last 7 days by 5.5%.
On the other hand, Dogecoin settled at $0.060952.
