The cryptocurrency market rebounded yesterday, driven by the value increases in the leading cryptocurrency Bitcoin. Bitcoin (BTC) started trading at around $26,400, gaining an average of 1.5% in the last 24 hours. Many cryptocurrencies with high market value have turned upwards again.
Bitcoin (BTC) Surpasses $26,000 Levels Again
The leading cryptocurrency Bitcoin (BTC), which briefly dropped to the $25,400 levels last Friday and experienced a significant downward momentum, rebounded yesterday and approached $26,800 in the evening. BTC gained an average of 1.5% in the last 24 hours and started trading at around $26,400 at the time of writing, surpassing the $26,000 levels again in a short period of time.
Furthermore, important indicators that influenced the Fed’s interest rate decision were announced yesterday, including the US Manufacturing Purchasing Managers’ Index (PMI) and the US Services Purchasing Managers’ Index (PMI) for August. The Manufacturing PMI was 47.0 and the Services PMI was 51.0, both falling below expectations.
Current Situation in the Crypto Market
Most altcoins in the cryptocurrency market rebounded due to the value increases in the leading cryptocurrency BTC. The total market value of the crypto ecosystem reached $1.06 trillion, according to CoinMarketCap (CMC) data. With their recent value increases, Ethereum (ETH) rose from $1670, BNB from $218, XRP from $0.52, Cardano (ADA) from $0.26, Solana (SOL) from $21.77, and TRON (TRX) from $0.077.
The rise also led to increased volatility in the cryptocurrency market. With the increased volatility, an average of $90 million worth of short and long positions were liquidated in the last 24 hours, according to Coinglass data.
With the influence of the rising trend in the market, many cryptocurrencies recorded significant value increases during the day. dYdX (DYDX), which gained more than 10% in the last 24 hours, became the cryptocurrency with the highest percentage increase among high market value cryptocurrencies. In addition to the rise in DYDX, Immutable (IMX), Maker (MKR), and Render Token (RNDR) also experienced significant value increases.
Hello
I am interested