Crypto Market Sustains Bullish Momentum As Bitcoin Temporarily Surpasses $27,000 Mark
Over the past 24 hours, the cryptocurrency market has maintained a sideways trajectory, showing a slight inclination towards upward movement. According to market data, the total global cryptocurrency market capitalisation currently stands at approximately USD 1.11 trillion.
The Crypto Fear and Greed Index remains steady at 46 points, indicating that the market sentiment remains in the "fear" segment of the index.
Talking to a media house, Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, noted the positive momentum in the cryptocurrency market. He mentioned that Bitcoin (BTC) had experienced another favorable day, briefly touching the USD 27,400 mark before a minor retracement. Over the last eight days, BTC has seen a roughly 10 per cent increase from its local low to high. Additionally, Hudda highlighted the strong performance of other cryptocurrencies like SOL and LINK since the market's recovery began.
Shivam Thakral, CEO of BuyUcoin, emphasised the impact of Bitcoin ETF (Exchange-Traded Fund) applications on the current cryptocurrency market trends. Thakral noted that Bitcoin had surpassed the USD 27,000 threshold in September for the first time, attributing this achievement to the growing number of Bitcoin ETF applications, which have piqued global interest and could catalyze overall cryptocurrency market growth.
In the last 24 hours, Bitcoin briefly exceeded the USD 27,000 mark, marking its first such achievement in 19 days. It is currently trading around $26,863, reflecting a 0.9 per cent gain. Ethereum's price movement is closely tracking Bitcoin's performance, with traders monitoring the USD 1,675 level as a potential breakout point, which could lead to a test of the USD 1,700 level. Overall, the prevailing market sentiment appears to be bullish, indicating optimism among investors and traders.
Several other cryptocurrencies, including XRP, Cardano, Dogecoin, Solana, Tron, Litecoin, Polygon, Wrapped Bitcoin, and Shiba Inu, have also followed the bullish trend, recording gains in the past 24 hours. However, BNB experienced a minor decline of 0.23 per cent, while Filecoin registered a nearly 1 per cent decrease in value.
Please note that the mentioned prices and data were last verified at 10:00 am according to Coinmarketcap.com.
