The overall crypto uptrend of the last few days has managed to avoid a dip and has continued on an upward trajectory.
The crypto uptrend that started in the market since the rate cut by the Federal Reserve has been consistent. Over the last 24 hours, major tokens in the crypto market, including Bitcoin (BTC), have been going up. This surge in crypto token prices has also received support in the inflows through crypto investment products.
A recent report by a crypto asset manager, Coinshares, has also confirmed this trend. It noted two consecutive weeks of inflows since the rate cut in the US. While Bitcoin investment products saw around $284 million in inflows, those concerning Ethereum witnessed outflows. Since September 23, ETH is down by around 0.7%.
An increase in inflows has been along expected lines, as rate cuts have been historically linked to better liquidity in global financial markets. The resultant positive sentiments could also spill over to the crypto market in the days ahead and hold the current bullish momentum.
BTC’s support level was also firm, above $60,000, with signs of consolidation. If BTC holds its present support for long, crypto token prices may take the cue to rise further. In the current month, the graph for BTC/USD has been broadly on the upside.
BTC/USD 1D price chart
Bitcoin is currently trading at around $63,200 on September 24, 2024, with BTC/USD trading lower by a margin of around 0.5% in the last 24 hours. Bitcoin’s market cap was trading at around $1.2 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (around 59,000), as BTC’s 24-hour volume was at approximately $27 billion. The global crypto market cap decreased by around 0.3%, trading above $2.2 trillion. Moreover, BTC’s year-to-date returns are above 50%.
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