Bitcoin Hits $23,400
By the end of the first week of August, Bitcoin decided to return to the previously lost peaks. On Friday, August 5, BTC/USDT hit $23,421.
According to Coinmarketcap and BTC-Alpha data, Bitcoin has gained 1.32% in price over the past day. However, trader and analyst at Rekt Capital was wary of Bitcoin’s bad record of turning the 200-week moving average into solid support for this bear market.
If $BTC fails to retest the MA in the short term, he said, then it will likely serve as further evidence that this recovery is just one of the relief.
Trading firm QCP Capital is of the same opinion, and said in its latest market review that the overall picture is “very mixed”.
Pointing to complex macro triggers, QCP said the US Federal Reserve’s monetary policy will be a critical factor in determining market movement going forward. He also noted that Fed Chairman Jerome Powell did not reach a consensus on the pace and scope of future key interest rate increases, and global economic data point to weak growth and an impending global recession.
As for the rest of the top ten cryptocurrencies by capitalization, over the past 24 hours, Ethereum (ETH) has grown by 2.39%, BNB (BNB) – by 6.63%, XRP (XRP) – by 1.21%, Cardano (ADA) – by 1.78%, Solana (SOL) – by 3.25% and Polkadot (DOT) – by 4.03%.
Among all cryptocurrencies, the best results in terms of price growth over the past 24 hours were shown by: Flow (FLOW), which grew by 58.43%, Waves (WAVES) – by 12.82%, Trust Wallet Token (TWT) – by 11.27%, Ravencoin (RVN) – by 10.67%, Zcash (ZEC) – by 8.33%, PancakeSwap (CAKE) – by 8.17%, Theta Network (THETA) – by 7.81%, Enjin Coin (ENJ) – 7.68%, Fantom (FTM) – by 7.42% and Synthetix (SNX) – by 6.93%.