Synopsis
Cryptocurrency markets experienced positive trading on Monday as hopes for a US debt ceiling agreement increased. Bitcoin gained 2.55% and reached $27,927, while Ethereum exceeded $1,900. If Bitcoin manages to clear the $28,500 resistance level, it could continue to rise. The total volume in DeFi was 6.83% of the total crypto market 24-hour volume, with the volume of all stablecoins at $30.6bn, equivalent to 91.07% of the total crypto market 24-hour volume. The global cryptocurrency market cap rose by 2.04% in the last 24 hours to approximately $1.16tn.
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Explore NowThe cryptocurrency markets were trading higher on Monday amid optimism over the US debt ceiling deal. Bitcoin (BTC) rose 2.55% to $27,927, while Ethereum (ETH) was above the $1,900 level.
“Most cryptocurrencies traded in green over the weekend after markets reacted to the White House announcing that a deal to avert a debt ceiling crisis has been reached on one side and the release of higher-than-expected latest personal consumption data from the US on the other side,” Edul Patel, Co-founder and CEO at Mudrex, said.
“Currently, Bitcoin is seen trading above the US$28,000 level gaining over 3% in the past 24 hours and erasing its weekly losses. If BTC can clear the US$28,500 resistance zone, it might continue higher soon,” Edul added.
The total volume in DeFi stood at 2.30 billion, 6.83% of the total crypto market 24-hour volume. The volume of all stablecoins is now $30.6 billion, which is 91.07% of the total crypto market 24-hour volume.
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View Details »The global cryptocurrency market cap was trading higher around $1.16 trillion, rising 2.04% in the last 24 hours.
The market cap of Bitcoin, the world’s largest cryptocurrency, was around $541 billion. Bitcoin’s dominance is currently 46.64%, an increase of 0.22% over the day, according to CoinMarketCap. BTC volume in the last 24 hours stood at approximately $16.23 billion, rising 66.46% in the last 24 hours.
“The impasse over the US debt ceiling shows early signs of moving towards a resolution as the 99-page text was released on Sunday night which will be subject to debate in coming days. The development had an immediate impact on the crypto market as BTC and Ether jumped over 3%,” Shivam Thakral, CEO of BuyUcoin said.
Rajagopal Menon, Vice President at WazirX said, “Major market oscillators point toward a Neutral sentiment. The Relative Strength Index (14), one of the key indicators, sits at 57, with a neutral outlook. The Stochastic %K (14, 3, 3) and the Average Directional Index (14) is at 78 and 24, respectively, further indicating a Neutral market.
“The MACD Level (12, 26) at -170 indicates a Buy. The Stochastic RSI Fast (3, 3, 14, 14) is at 95 with a Neutral indicator, while the Williams Percent Range (14) at −14 signals Sell,” Menon added.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 1.32 hours, IST on May 29, 2023)
Bitcoin $27,927 2.55%
Ethereum $1,901 2.87%
Tether $1.00 -0.03%
BNB $314 2.08%
XRP $0.4806 1.52%
Cardano $0.3792 1.47%
Dogecoin $0.07321 0.62%
Polygon $0.9294 0.33%
Solana $20.73 1.15%
Litecoin $91.42 1.96%
Polkadot $5.48 1.76%
Tron $0.07719 -0.26%
Shiba Inu $0.000008788 -0.20%
(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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