The cryptocurrency market dawned balanced on the morning of this Friday (01). According to CoinGecko, most major cryptocurrencies, including Bitcoin and Ethereum, have dawned in the green.
Total cryptocurrency market volume increased by 15.65% to $72.37 billion during the period. Global cryptocurrency market cap is up 0.52% to $896.88 billion in the last 24 hours.
Bitcoin (BTC) has gained 0.6% in the last 24 hours. The BTC price rose slightly to $19,177.39. Ethereum (ETH), a direct competitor to BTC, saw a slightly higher rally of 2.9%. The price of ETH was at $1,046.72 at 9am.
Recession concerns and inflationary pressure have put most cryptocurrencies into a volatile mode, especially after a report concluded that the US economy contracted 1.6% in the first quarter of this year.
Investors, concerned about this, try to sell their currencies, with equity markets also being volatile, while also not looking to invest in riskier assets.
Bitcoin dropped below $19,000 on the last day before rebounding above $20,000. Meanwhile, the BTC balance on exchanges has reached a critically low level, according to data from Galssnode.
It is an indication that Bitcoin investors and whales are hoarding and betting on their coins despite falling prices. This is a bullish signal that could eventually trigger a trend reversal.
The daily BTC trend is running through a descending triangle pattern. The next major support is expected at $14,000
Price of top cryptocurrencies
BNB, the currency issued by the Binance exchange, is up 4.9% in 24 hours. According to CoinGecko, the coin price was $218.71 around 9am.
XRP is up 1.2% after more than 4 days down. The current price of the coin is $0.313672. Cardano (ADA) also rose slightly, around 1%. The ADA price is $0.446419.
Solana (SOL) rose about 2% in the last 24 hours, selling for US$ 32.30. Despite the rise, the currency remains about 15% below the value practiced last week.
Lastly, Dogecoin (DOGE) also registered higher. In the last 24 hours, DOGE is up about 2.5% to a price of $0.064826.
Among the most valued cryptocurrencies and tokens is SAND, from the metaverse game The Sandbox. In the last 24 hours, SAND is up more than 11% to $1.09.
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