Getty ImagesThe major crypto tokens were trading higher on Friday, continuing their rally after the US SEC approved 11 BTC ETFs in a landmark decision for the global crypto sector.
At 12:04 p.m., BTC was trading 0.88% higher at $46,264, while Ethereum was up 1.26% at $2,613. Whereas altcoins, such as Cardano, Avalanche, Polkadot, and Polygon rose over 3%.
"In the past 24 hours, the overall market displayed volatility, especially after the launch of the BTC spot ETF. Notably, Spot Bitcoin ETFs achieved a trading volume surpassing $4.5 billion on their first day, indicating positive market sentiment," said, CoinDCX Research Team.
Meanwhile, overnight BTC touched a new higher high at $49,000 but experienced a quick drop to $46,000, influenced by higher-than-expected CPI data.
The Department of Labor's consumer price index (CPI), a key measure of inflation was up 3.4% from a year ago and higher than November's figure.
"BTC dominance has been on a declining trend, providing room for altcoins to gain traction. ETH is positioned near the key level of $2,640 and is currently consolidating below that resistance. The key support level for ETH stands at $2,450," CoinDCX said.
In Friday's trade, the global cryptocurrency market cap surged 1.57% to around $1.77 trillion in the last 24 hours.
Bitcoin's dominance is currently 51.09%, according to CoinMarketCap. BTC volume in the last 24 hours declined 16.52% to $43.4 billion.
"Currently, Bitcoin is consolidating around the $46,000 level, fueled by liquidation of short positions. Bitcoin encounters resistance at $47,300, while support holds steady at the $45,500 level," said Edul Patel, CEO of Mudrex.
Sathvik Vishwanath, Co-Founder & CEO of Unocoin, said, "The 4-hour chart suggests a positive trend, with Bitcoin potentially challenging the $47,743 resistance. However, a drop below $45,026 could trigger a bearish reversal."
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
At 12:04 p.m., BTC was trading 0.88% higher at $46,264, while Ethereum was up 1.26% at $2,613. Whereas altcoins, such as Cardano, Avalanche, Polkadot, and Polygon rose over 3%.
"In the past 24 hours, the overall market displayed volatility, especially after the launch of the BTC spot ETF. Notably, Spot Bitcoin ETFs achieved a trading volume surpassing $4.5 billion on their first day, indicating positive market sentiment," said, CoinDCX Research Team.
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The Department of Labor's consumer price index (CPI), a key measure of inflation was up 3.4% from a year ago and higher than November's figure.
"BTC dominance has been on a declining trend, providing room for altcoins to gain traction. ETH is positioned near the key level of $2,640 and is currently consolidating below that resistance. The key support level for ETH stands at $2,450," CoinDCX said.
In Friday's trade, the global cryptocurrency market cap surged 1.57% to around $1.77 trillion in the last 24 hours.
Bitcoin's dominance is currently 51.09%, according to CoinMarketCap. BTC volume in the last 24 hours declined 16.52% to $43.4 billion.
"Currently, Bitcoin is consolidating around the $46,000 level, fueled by liquidation of short positions. Bitcoin encounters resistance at $47,300, while support holds steady at the $45,500 level," said Edul Patel, CEO of Mudrex.
Sathvik Vishwanath, Co-Founder & CEO of Unocoin, said, "The 4-hour chart suggests a positive trend, with Bitcoin potentially challenging the $47,743 resistance. However, a drop below $45,026 could trigger a bearish reversal."
(You can now subscribe to our ETMarkets WhatsApp channel)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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