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- 1 Bitcoin trading price rose around 6% in the past 7 days trading session.
- 2 However, BTC trading volume slipped near about 24% in the past 24 hours.
- 3 TetherUSDT is the most traded crypto among 1.8 Million registered cryptocurrencies.
Bitcoin has been reflecting a bullish signal in the past few days as its price surged around 6% in a week and 4.24% in the monthly time frame. When writing, BTC was trading at $28,473.29 with an intraday trading volume of $11,115,574,469.
However, it’s crucial to note that in the past 24 hours, Bitcoin’s trading volume slipped approximately 23%. When publishing, BTC was ranked the third most traded crypto in the entire crypto market.
The recent bullishness in Bitcoin price might be a reflex action of the ongoing discussion about Bitcoin ETF approvals and their importance. Since the opening of the market, BTC added $136.11 to its trading price.
The MACD indicators suggest that bullishness in Bitcoin price is likely to continue for more upcoming sessions. On October 19 BTC peaked at $28587.20 and its lowest traded at $28122.57.
Some market observers claim that BTC is expected to retest the mark of 30k in the upcoming sessions or by the end of 2023. Other than Bitcoin, some other cryptocurrencies such as Bitcoin SV, MX Token, Injective, Stacks, Solana, and TWT surged significantly in the past 7 days.
Will Bitcoin’s Dominance Continue to Surge?
Following the evolution of cryptocurrencies, a huge number of projects registered themselves in the market but as time passed some of them disappeared and others went bankrupt.
The common name in the crypto market since 2013 is Bitcoin which is constantly expanding its dominance over the entire crypto market. When writing BTC’s dominance on the market was around 52.05%.
TetherUSDT is one of the most traded crypto among 1.8 Million registered cryptocurrencies. It is important to note that the trading volume of USDT slipped 3.63% in the past 24 hours.
The entire crypto market capitalization declined 0.11% in the past 24 hours and at the time of writing, the market cap was $1.08 Trillion. BTC dominance rose around 0.50% intraday.
Tesla, the global leader of the EV industry revealed that none of its $321,000,000 Bitcoin were sold in the third quarter of 2023. The announcement of Tesla might influence other institutional holders to opt for Bitcoin.
The candlestick pattern reflects that a surge of $1334.11 was seen in the Bitcoin trading price on the October 16, 2023 trading session. On the same day, BTC beat 20, 50, 100, and 200-day EMA and started trading above $28K.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
