Cryptocurrencies, led by Bitcoin, have skyrocketed today, shattering the stale trading range that persisted since mid-August. Bitcoin, the biggest digital currency, surged by 3% and surpassed $27,400, according to our BTC price chart, well above the $26,000 mark where it had been hovering for the past month. Breaking the $27,000 barrier is considered a major achievement for traders given the recent lack of volatility and trading activity in the cryptocurrency market.
“Bitcoin price breaks through the $26,800 barrier and attacks new heights at $27,200,” explained Michaël van de Poppe, founder and CEO of trading firm Eight.
Investors eagerly await the Federal Reserve’s decision this week, carefully scrutinizing their language for any clues about a possible rate hike in November. This crucial decision is expected to have ripple effects on cryptocurrency prices, just as it does on the stock market. Experts predict that the central bank will keep interest rates steady in their upcoming announcement on Wednesday.
Bitcoin Crypto Market Dominance Increases to 50%
Bitcoin’s market dominance in the cryptocurrency market is at a new high—50.2%. This mark is very close to the 52% level, the point of prominence that Bitcoin achieved last June. With its Crypto Market Dominance (CMD) reaching the 50% threshold, Bitcoin has now claimed half of the market capitalization for all cryptocurrencies. This demonstrates Bitcoin’s return to popularity and could help boost confidence among its investors.
This amounts to a bullish outlook from analysts who believe that it can go even higher due to its near-term prospects and potential long-term value.
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