Cryptocurrency Price today: Shortly after the US Federal Reserve hiked its interest rates, the cryptocurrency market furthered its rally on Friday, July 29. The global crypto market cap on the day zoomed 3.90 per cent to scale $1.10 trillion, as per data from CoinMarketCap. Gains made by Bitcoin, Ethereum Solana and other major cryptocurrencies over the past 24 hours pushed the global cryptocurrency market cap to the levels it had lost earlier this year. The jump in the Fear & Greed index to its highest level since April this year also fuelled the surge.
Bitcoin closed in green after swishing past the $24,000 mark on Thursday, and maintained the levels at open on Friday. Later in the day, the price came down a little to hover around the $23,900 mark. Bitcoin price today at the time of writing this article was $23,920.29, up by 4.37 per cent over the past 24 hours.
“Bitcoin closed again in green after a 4 per cent jump yesterday to edge above the $24,000 level following the recent FOMC decision to hike the interest by another 75 basis points. The market sentiment also responded favourably as the Fear & Greed index jumped to its highest since the start of April, this year. The daily trend for BTC continues to traverse within a descending channel pattern, although being on an uptrend. The next key resistance level for BTC is expected at $32,300. We could see this bullish trend to continue for the next few days,” said a spokesperson at the WazirX trade desk.
“Bitcoin has been on an upward trend with minor corrections over the past two weeks. BTC continued to rally, touching the US$24,000 level on Thursday and bounced off to its consolidation point at US$23,000. The bulls have been pumping the price towards the next critical resistance level at US$25,000, which could be possible with a broad accumulation trend. If BTC fails to clear the US$24,000 resistance zone today, we may see a downside correction. But as of now, looking at the price trend, BTC may continue to rally further today,” said Edul Patel, CEO and co-founder of Mudrex.
Ethereum made a surge of 14 per cent on Thursday and the rally continued on Friday as well. Ether price today jumped by 5.63 per cent at the time of writing in article to scale $1,708.47, its highest in nearly two months.
“Ethereum made significant surges of 14 per cent and 6 per cent respectively, in the last couple of days crossing the $1,700 level after nearly two months. The investors continue to be hopeful of Ethereum to make a bullish rally ahead of its Proof-of-stake(PoS) transition. The daily trend for Ethereum has broken out of the pattern and surging ahead. The next key resistance for Ethereum is expected at $4,400 level,” said the WazirX spokesperson.
Here are the top 10 cryptocurrencies and their prices on July 29, 2022, Saturday, (According to data from coinmarketcap.com)
Bitcoin $23,920.29 or 4.37 per cent gain in the last 24 hours
Ethereum $1,708.47 or 5.63 per cent gain in the last 24 hours
Tether $1.00 or 0.00 per cent gain in the last 24 hours
USD Coin $0.9996 or 0.04 per cent loss in the last 24 hours
BNB $277.14 or 3.51 per cent gain in the last 24 hours
XRP $0.3704 or 4.93 per cent gain in the last 24 hours
Cardano $0.5255 or 5.01 per cent gain in the last 24 hours
Binance USD $1.00 or 0.18 per cent gain in the last 24 hours
Solana $42.71 or 8.58 per cent gain in the last 24 hours
Dogecoin $0.06961 or 4.63 per cent gain in the last 24 hours