Despite BTC losing a little value, overall crypto returns were consistent as Bitcoin’s $27000 support level was firm in the last 24 hours.
Bitcoin has successfully defended its $27000 support for another consecutive day. Crypto traders saw calm in the market as most tokens stuck to range-bound trading. The initial three days of the month were volatile for the crypto market, but it has relatively subsided since. Meanwhile, crypto returns remain high for the current month despite the little downtrend.
With the Ether Futures ETFs debuting, much optimism is floating for new investors. Institutional investors could flock to the ETFs and significantly increase inflows into the crypto market.
On the other hand, Bitcoin-led digital investment products have led inflows in the last week of September. Bitcoin might have been the choice for multiple investors with macroeconomic concerns with other investment products.
In the last 24 hours, tokens like TRON, Polygon and XRP lodged gains. Other tokens stayed either flat or went through minimal losses. The overall crypto market cap surged by over 1.5% to $1.16 trillion.
Bitcoin’s capitalization was static at $551 billion, while the token has seen around 8% 7-day average returns. Ethereum’s weekly returns were also in the green with over 9%.
BTC/USD 1D price chart
Bitcoin is currently trading at around $27300 on October 4, 2023, with BTC/USD trading lower by 0.8% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (26,590.95), as BTC’s 24-hour volume was at around $11 billion. Bitcoin has seen around 65.20% returns on a year-to-date basis.