Bitcoin (BTC) managed to continue with its weekly growth surging more than 9% as the broader crypto market breach the long awaited $1 trillion mark.
Following a brutal drawdown, Bitcoin (BTC) rocketed past $22,000, its highest level since mid-September. The flagship token rose amid positive reports in the producer price index (PPI) indicating the U.S. Federal Reserve’s monetary policies have managed to pacify inflation.Investors and traders seemed to return to the market after the CME FedWatch tool indicated a 97% chance that the Federal Open Market Committee (FOMC) will raise rates by just 25 basis points, stering away from the 50 basis-point hikes in the December meeting.
Despite Slight Decline, BTC Maintains Weekly Rally
According to CoinMarketCap, Bitcoin (BTC) is currently hovering at $22,716 soaring 9.03% in the past seven days. Crypto market experts predicted that BTC remains bullish with support now at $22,700 and the resistance at $22,900. Currently it seems the rate is on the way to the upper line, which means that bulls are not going to give up. In a statement, Edul Patel, CEO at crypto platform Mudrex, said,
“BTC rose above $22,900, recovering from a recent drop toward $20,000. However, BTC is currently trading at $22,722 with a slight decline. If BTC can maintain its momentum, it may reach $23,000. The increase in prices suggests that bulls are actively trying to drive a bullish trend in the market.”
Ether Continues to Rise
Meanwhile, Ethereum (ETH) is up 0.33% in the last 24 hours, currently trading at $1,634. Ether has experienced an upswing of more than 4% over the past one week. Other factors for the recent rally can be credited to the upcoming “Shanghai Upgrade”, along with an increased level of blockchain activity on Ethereum.
It is likely that Ether price might retrace lower as part of an adjustment after a strong increase in prices. However, ETH can easily continue higher and reach the psychological price of $2,000.
Crypto Market Cap Breaches $1 Trillion
The global crypto market was trading higher around $1.04 trillion, rising 0.23% in the last 24 hours. Recent data that signalls inflation pressures easing, along with a speculation the Federal Reserve will slow interest rate increases in the next few months has flooded investors back into higher-risk assets. Patel added,
“A positive sentiment has sent the total crypto market cap above the $1 trillion mark. This increase in prices is likely to keep bulls active in the market, potentially pushing prices higher.”
On the other hand, major altcoins were trading with ebbs and flows. XRP gained more than 2% in the last 24 hours to trade at $0.41. The altcoin is witnessing a rally as Brad Garlinghouse, CEO of Ripple Labs, hoped for a settlement of the two-year-long Ripple vs SEC lawsuit in the first half of 2023. He stated that Ripple was optimistic about its chances given the law and facts on the ground.
Over the last 24 hours, Cardano (ADA) Polygon (MATIC) and Polkadot (DOT) traded with gains ranging between 0.02% and 0.71%. Popular memcoins, including, Dogecoin (DOGE) and Shiba Inu (SHIB) grew 4.41% and 0.31% in the last 24 hours, respectively. While, Solana (SOL) and Litecoin (LTC) are trading with cuts over the past day.