Bitcoin managed to consolidate its feet at $20,400 today, Tuesday, after its price rose by 2.8% in the last 24 hours. Ethereum’s bounce was stronger, as its price rose by 8.5% to reach $1580. The results of other cryptocurrencies ranged from the performance of Dogecoin, with an increase of 3.5%, to the performance of Solana, with an increase of 7.1%.
On the other hand, according to CoinMarketCap, the total market capitalization of cryptocurrencies increased by 4.2% to reach $992 billion. On the other hand, the fear and greed index of traders’ sentiment increased by three points, reaching the level of 27 today.
From a technical perspective, Bitcoin found a support level around the $19,500 region during Monday’s trading session. This area, which formed the same support level during the month of July, attracted the bulls to buy. Although it is still early to talk about the end of the market’s bearish trend, the rebound at this level may indicate that the possibility of reaching the bottom is soon.
Market updates.
According to CoinShares, the inflow of funds into cryptocurrency has reached around $27 million over the past week. As for the investment assets that allow the detection of positions on Bitcoin, they increased by about one million dollars.
Jordan Belfort, a former US trader nicknamed The Wolf of Wall Street, has stated that he views Bitcoin and Ethereum as strong currencies, despite the market comparing cryptocurrencies to junk bonds in the 1980’s.
The CME group for financial derivatives announced the launch of futures contracts for Bitcoin and Ethereum, denominated in the euro currency.
Cardano is ranked 26th out of 600 brands, according to MBLM, outperforming Bitcoin, which ranked 30th.