Bitcoin Reclaims $17K as Crypto Markets Push $900 Billion (Market Watch)

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The mar­kets have fared well with yesterday’s speech of Fed Chair­man Jerome Pow­ell, and Bit­coin has so far been suc­cess­ful in reclaim­ing $17K.

This has also pushed the total mar­ket cap­i­tal­iza­tion toward $900 bil­lion, adding close to $50 bil­lion in the past cou­ple of days.

Bitcoin Price Reclaims $17K

Bitcoin’s price is trad­ing well in the green, adding a total of 3% over the past week, where most of the gains hap­pened in the last 48 hours.

That said, it seems to have reclaimed the impor­tant $17K lev­el and is cur­rent­ly trad­ing at around $17,100 on Binance.

btc_price_chart_011201
Source: Binance via TradingView

The lat­est move is in line with the speech of the Chair­man of the Fed­er­al Reserve, Jerome Pow­ell, who said that they are like­ly to keep hik­ing rates:

We antic­i­pate that ongo­ing increas­es will be appro­pri­ate. It seems more to me like­ly that the ulti­mate lev­el of rates will need to be some­waht high­er than thought at the time of the Sep­tem­ber meet­ing, and the sum­mer of eco­nom­ic projections.

Altcoins Faring Well, MATIC Leads with 5% Daily Gains

Most of the alt­coins are also far­ing rel­a­tive­ly well, with a lot of them chart­ing slight gains. Some of them are also slight­ly in the red too, but noth­ing con­sid­er­able, at least not among the top cryp­tocur­ren­cies by mar­ket cap.

quantify_crypto_heatmap
Source: Quan­ti­fy Crypto

As seen in the above heatmap, MATIC is lead­ing the mar­ket with gains upwards of 5% in the past 24 hours, push­ing above $0.90.

The biggest win­ner over the past 24 hours is GMX – the native cryp­tocur­ren­cy of the decen­tral­ized deriv­a­tives trad­ing plat­form with the same name. It appears that the hur­dles that cen­tral­ized enti­ties are fac­ing are hav­ing a great effect on their decen­tral­ized coun­ter­parts. It’s up over 16% in the past day.

On the oth­er hand, Bina­ryX (BNX) is the cryp­tocur­ren­cy that lost the most over the same peri­od – about 6% of its dol­lar value.

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Dis­claimer: Infor­ma­tion found on Cryp­toPota­to is those of writ­ers quot­ed. It does not rep­re­sent the opin­ions of Cryp­toPota­to on whether to buy, sell, or hold any invest­ments. You are advised to con­duct your own research before mak­ing any invest­ment deci­sions. Use pro­vid­ed infor­ma­tion at your own risk. See Dis­claimer for more information.

Cryp­tocur­ren­cy charts by TradingView. 

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