Synopsis
Cryptocurrency markets experienced a slight increase in trading on Friday due to positive weekly unemployment data in the US. Bitcoin rose by 0.93%, reaching $26,450, and Ethereum was above $1,800. Other top crypto tokens, such as Litecoin, Polygon, and XRP, were also trading higher. The total volume in DeFi was around 1.73 billion. Investors are awaiting a clear resolution on the US debt ceiling conversations before making further decisions, according to a CoinSwitch Ventures executive. The global cryptocurrency market cap was trading at $1.11 trillion, a rise of 0.70% in the last 24 hours.
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Explore NowThe cryptocurrency markets were majorly trading higher on Friday amid positive weekly unemployment data in the US. Bitcoin (BTC) rose 0.93% to $26,450 whereas Ethereum (ETH) was above the $1,800 level. BTC volume in the last 24 hours stood at approximately $12.66 billion, down 20.62%.
“Crypto markets have traded sideways in the last 24 hours. The slight increase could be attributed to positive weekly unemployment data in the US,” Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, said.
Crypto markets seem to be in a holding phase currently wherein investors are awaiting a clear resolution on US’ debt ceiling conversations, Parth added.
Other top crypto tokens were also trading higher on Friday. Litecoin surged nearly 2%. Ethereum, Polygon, and XRP were also trading higher.
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View Details »The total volume in DeFi is currently 1.73 billion, 6.23% of the total crypto market 24-hour volume. The volume of all stablecoins is now $25.70 billion, which is 92.73% of the total crypto market 24-hour volume.
The global cryptocurrency market cap was trading higher around $1.11 trillion, rising 0.70% in the last 24 hours.
The market cap of Bitcoin, the world’s largest cryptocurrency, was around $512 billion. Bitcoin’s dominance is currently 46.16%, an increase of 0.03% over the day, according to CoinMarketCap.
“Bitcoin traded around $26.5K as investors overlooked unexpected positive jobs and productivity figures. As we navigate this constantly changing landscape, Bitcoin remains at the vanguard, influencing the future of finance. Until we see a resolution to this debt limit situation,” Shivam Thakral, CEO of BuyUcoin, said.
Edul Patel, Co-founder and CEO at Mudrex, said, “BTC’s immediate resistance is at the US$26,471 level. If the closure happens near it, the rise may continue to the US$26,600 and US$26,800 zone.”
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 12.48 hours, IST on May 26, 2023)
Bitcoin $26,450 0.93%
Ethereum $1,811 1.63%
Tether $1.00 0.03%
BNB $304.5 -0.27%
XRP $0.4615 2.62%
Cardano $0.3578 0.24%
Dogecoin $0.07076 0.16%
Polygon $0.8951 1.62%
Solana $19.25 -0.68%
Litecoin $86.79 2.81%
Polkadot $5.23 -0.44%
Tron $0.07692 -0.79%
Shiba Inu $0.000008487 -0.22%
(Note: Price change in last 24 hours)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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