In the wake of the US Fed signaling an imminent end to the rate hike cycle, Bitcoin and other leading cryptocurrencies experienced an upward surge on Monday. Despite facing liquidity challenges, Bitcoin exhibited promising signs of decentralization. However, the crypto market continues to grapple with liquidity issues.
On Tuesday, Bitcoin garnered some attention as the largest digital token witnessed a slight gain of approximately one percent, although it remained below the USD 30,500 threshold. Ethereum, its prominent counterpart, followed a similar trajectory by recording a one percent increase; however, it was still a considerable distance away from the USD 1,900 mark. Interestingly, alternative coins outperformed the established blue-chip tokens in terms of price action.
Over the past 24 hours, the cryptocurrency market observed marginal positive movement in prices. Furthermore, the crypto fear and greed index exhibited a one-point surge and currently resides in the greed zone with a score of 57/100, as per Shubham Hudda, Senior Manager of CoinSwitch Markets Desk.
"The top 10 cryptocurrencies, based on market capitalization, are presently trading in a favorable zone. Following a recent correction in alternative coins, Polygon has brought some relief to traders. The native token of the project, MATIC, witnessed an impressive rally of nearly 10% in the past 24 hours, reclaiming the majority of losses incurred following its delisting announcement on Robinhood," Hudda remarked.
Except for Tron, all major cryptocurrencies experienced positive trading on Tuesday. Polygon observed a surge of over 9%, while BNB demonstrated a six percent increase. Litecoin witnessed a three percent rise, while Polkadot and XRP each gained two percent during the early hours. On the other hand, Tron experienced a marginal decline.
The global market capitalization of cryptocurrencies exhibited an upward trend, surpassing the USD 1.19 trillion mark, despite a minor decline of more than one percent in the past 24 hours. However, the total trading volumes surged by over 46 percent, reaching USD 32.09 billion.
Investors eagerly await the release of inflation figures and jobless claims data later this week, as they may provide insights into the future direction of interest rates. If inflation continues to rise, the Fed might be compelled to adopt a more aggressive approach to rate hikes. Conversely, if inflation cools down, the Fed could potentially ease its current tightening measures, according to the CoinDCX Research Team.
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