Cryptocurrency price today: Shortly after the US Federal Reserve raised interest rates, the cryptocurrency market continued its rally on Friday, July 29. The global crypto market capitalization soared 3.90% to $1.10 trillion, according to data from CoinMarketCap. Gains from Bitcoin, Ethereum Solana and other major cryptocurrencies in the past 24 hours have pushed the global cryptocurrency market capitalization back to levels it lost earlier this year. The jump in the Fear & Greed index to its highest level since April this year also fueled the rise.
Bitcoin closed in the green after breaking above the $24,000 mark on Thursday and held open levels on Friday. Later in the day, the price slightly decreased to hover around the $23,900 mark. Bitcoin price today at the time of writing was $23,920.29, up 4.37% in the last 24 hours.
“Bitcoin closed in the green again after rising 4% yesterday to break above the $24,000 level following the FOMC’s recent decision to raise interest by another 75 basis points. Market sentiment also reacted positively as the Fear & Greed index hit its highest level since early April this year. BTC’s daily trend continues to cross a descending channel pattern, despite being in an uptrend. The next key resistance level for BTC is expected to be at $32,300. We may see this uptrend continue in the coming days,” a WazirX trading desk spokesperson said.
“Bitcoin has been trending up with minor corrections in the last two weeks. BTC continued to rally, touching the $24,000 level on Thursday and recovering to its consolidation point at $23,000. The bulls pushed the price towards the next critical resistance level at $25,000, which could be possible with a broad accumulation trend. If BTC fails to clear the $24,000 resistance zone today, we could see a downside correction. But as of now, looking at the price trend, BTC may continue to rally today,” said Edul Patel, CEO and co-founder of Mudrex.
Ethereum had a 14% surge on Thursday and the rally continued on Friday as well. Ether price today jumped 5.63% at the time of writing to hit $1,708.47, its highest level in almost two months.
“Ethereum made significant gains of 14% and 6% respectively, in the last two days, breaking above the $1700 level after almost two months. Investors continue to expect Ethereum to rise ahead of its Proof-of-Stake (PoS) transition. Ethereum’s daily trend broke out of the pattern and exploded. The next key resistance for Ethereum is expected at the $4,400 level,” the WazirX spokesperson said.
Here are the top 10 cryptocurrencies and their prices on Saturday, July 29, 2022 (according to data from coinmarketcap.com)
Bitcoin $23,920.29 or 4.37% gain in the last 24 hours
Ethereum $1,708.47 or 5.63% gain in the last 24 hours
Tether $1.00 or 0.00% profit in the last 24 hours
USD Coin $0.9996 or 0.04% loss in the last 24 hours
BNB $277.14 or 3.51% gain in the last 24 hours
XRP $0.3704 or 4.93% gain in the last 24 hours
Cardano $0.5255 or 5.01% gain in the last 24 hours
Binance USD $1.00 or 0.18% gain in the last 24 hours
Solana $42.71 or 8.58% profit in the last 24 hours
Dogecoin $0.06961 or 4.63% gain in the last 24 hours
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