Bitcoin Price Above $37,000 Today, Are Bears Wrecked?
Coinspeaker
Bitcoin Price Above $37,000 Today, Are Bears Wrecked?
Bitcoin price has rebounded from the recent lows of around $33k to trade above $37k today. Thereby begging the question of whether the crypto bears are finally wrecked. According to market data provided by CoinGecko, Bitcoin exchanged hands at around $37,936.84 as of the time of reporting, having gained approximately 3.4% in the past 24-hours. However, the asset is down approximately 45% from the all-time high of around $69k that was set late last year.
The market, however, is eagerly waiting on today’s Fed statement on the general market outlook. Moreso on the interest rate that has remained low, 0.25%, during the past two years. Notably, the Fed is expected to alter the interest rate by increasing it for the rest of the year to cater for the high inflation rate that is at historical highs, 7%.
“With inflation having exceeded 2 percent for some time, the committee expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee’s assessments of maximum employment,” said the Federal Open Market Committee in a prepared statement.
Bitcoin Price and the Bearish Crypto Market
The total crypto market capitalization stands at around $1.8 trillion after hitting lows of $1.6 trillion in the past few days. However, the figures are still low in comparison to the more than $3.2 trillion market cap attained late last year. Bitcoin (BTC) has a market valuation of approximately $718.54 billion and a daily traded volume of approximately $46.6 billion.
Most crypto traders have taken profit or refuge in most leading stablecoins. Moreover, Tether (USDT) recorded a higher daily traded volume of $50.48 billion in the past 24 hours than any other digital asset. Such a phenomenon is mostly observed in high volatile markets that lack near futures certainty.
However, it is prudent for traders to note that the market is yet out of the woods as the short-term bears are still in control after the recent crash below $40k.
The altcoin market is also closely following the Bitcoin price. According to market analytics provided by Binance-backed Coinmarketcap, Ethereum, which is the leading altcoin, traded around $2,544 after gaining approximately 5% in the past 24 hours.
Notably, BTC’s dominance has since risen as the altcoin market declined at a much faster rate. As of today, the leading digital asset had a market dominance of 42% closely followed by ETH with 17.8%.
Nevertheless, the crypto market is expected to stabilize as more institutional investors show interest in different blockchain-related markets including the metaverse and the DeFi.