As a result of a period of dollar weakness that fueled demand for risky assets, Bitcoin increased to its highest level in more than a month, moving beyond the psychologically significant $20K level along with many other altcoins.
The most valuable cryptocurrency in the world increased 7% to $20.6K on Friday morning, reaching its highest level since August 26 and surpassing the majority of other prominent coins like Ether.
The bulls immediately entered the fray and helped to put bitcoin back on course. Not only did they raise it above $20k, but they also increased the market capitalization of cryptocurrencies by $1 trillion.
Bitcoin On Rampage, Gains $2K To Trade At $20.6K
With LINK and SOL recently up more than 8% and 5%, respectively, major cryptocurrencies spent a large portion of the day in the green.
The current pattern of cryptocurrency prices tracking stocks continued on Thursday as the market closed higher. The tech-heavy Nasdaq, S&P 500, which has a big tech component, and Dow Jones Industrial Average (DJIA) all climbed more than a half-percentage point as markets seemed untroubled by the latest statements from Fed Chair Jerome Powell, who reiterated the bank’s commitment to tame inflation on Thursday at an event organized by the libertarian think tank, the Cato Institute. Powell stated that “history clearly warns against hasty policy easing.”
The leading cryptocurrency asset, Bitcoin, is trading at depressed levels as the macroeconomic environment remains averse to it.
Last week saw a substantial decline in the profit supply of BTC, which is currently 56% of the overall supply. Tracking the percentage of traders with unrealized earnings and losses is crucial. In September, the trading range for bitcoin was at its narrowest in nearly two years, in part due to a lack of clarity regarding how far central banks would be willing to raise interest rates in the face of a faltering global economy.