After prices of crypto tokens reclaimed earlier levels, with BTC leading the rally, the general crypto overview presented a much better picture than the post-ETF sell-offs.
Bitcoin is set to end another month with positive returns, helped by the latest rise in prices of crypto tokens. As a result, the general crypto overview has turned once again. It came after a brief phase of a couple of weeks when continuous selling activity had pulled BTC below $40,000. With the current improvement, the crypto market could keep seeing more price rallies until the Bitcoin halving event.
January 2024 brought volatile swings to the crypto market’s movements. The last time BTC posted a continuous streak of positive returns was from October 2020 to March 2021. During that period, BTC hit its all-time high of almost $69,000.
This week, the Federal Reserve’s interest rate decision could influence BTC’s trading range. On a positive note, most experts and analysts expect the regulator to hold interest rates. The Fed could also start reducing rates within 2024 if inflation stays under control. All such factors could aid the crypto market in progressing ahead.
In the last 24 hours, multiple altcoins recovered from their losses. ETH rose by around 1%, while others like MATIC and LINK also posted positive returns. Weekly average prices of crypto tokens have turned green for most.
BTC/USD 1D price chart
Bitcoin is currently trading at around $43,000 on January 31, 2024, with BTC/USD trading lower by a margin of 0.8% in the last 24 hours. Bitcoin’s market cap was trading at around $843 billion.
BTC/USD is trading higher than its 20-day EMA (42,934.22), as BTC’s 24-hour volume was at around $22 billion. The crypto market cap decreased by around 1.07%, trading above $1.65 trillion. BTC’s year-to-date returns are at 2.29%.
Start crypto trading and build your path towards financial freedom! Join Millionero and realize your goal today!