The markets have fared well with yesterday’s speech of Fed Chairman Jerome Powell, and Bitcoin has so far been successful in reclaiming $17K.
This has also pushed the total market capitalization toward $900 billion, adding close to $50 billion in the past couple of days.
Bitcoin Price Reclaims $17K
Bitcoin’s price is trading well in the green, adding a total of 3% over the past week, where most of the gains happened in the last 48 hours.
That said, it seems to have reclaimed the important $17K level and is currently trading at around $17,100 on Binance.
Source: Binance via TradingView
The latest move is in line with the speech of the Chairman of the Federal Reserve, Jerome Powell, who said that they are likely to keep hiking rates:
We anticipate that ongoing increases will be appropriate. It seems more to me likely that the ultimate level of rates will need to be somewaht higher than thought at the time of the September meeting, and the summer of economic projections.
Altcoins Faring Well, MATIC Leads with 5% Daily Gains
Most of the altcoins are also faring relatively well, with a lot of them charting slight gains. Some of them are also slightly in the red too, but nothing considerable, at least not among the top cryptocurrencies by market cap.
Source: Quantify Crypto
As seen in the above heatmap, MATIC is leading the market with gains upwards of 5% in the past 24 hours, pushing above $0.90.
The biggest winner over the past 24 hours is GMX – the native cryptocurrency of the decentralized derivatives trading platform with the same name. It appears that the hurdles that centralized entities are facing are having a great effect on their decentralized counterparts. It’s up over 16% in the past day.
On the other hand, BinaryX (BNX) is the cryptocurrency that lost the most over the same period – about 6% of its dollar value.
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Cryptocurrency charts by TradingView.