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Cryptocurrency market grew by $ 100 billion per day
The cryptocurrency market has demonstrated a strong recovery over the past day, adding approximately $ 100 billion to its total capitalization. The total market volume increased from $ 2.85 trillion to $ 2.95 trillion after a week of high volatility when investors feared a further collapse.
The leader of growth was Bitcoin BTC $86,027.83 Mezo Wrapped BTC 0.18% Market capitalization $42.45 million VOL. 24 hours $2 billion , which after a short-term drop to $ 80,000 rose by 3.42% to trade at $ 86,596. This recovery follows a previous record high of $ 126,000 last month. Ethereum ETH $2,850.94 Bridged Ether (StarkGate) 1.24% Market capitalization $75.73 million VOL. 24 hours $1.56 billion added 4.51% to reach $ 2,835, while XRP XRP $2.11 XRP 1.94% Market capitalization $127.06 billion VOL. 24 hours $0.29 billion gained 7.72% to reach $ 2.04. BNB BNB $847.98 BNB -0.09% Market capitalization $116.8 billion VOL. 24 hours $0.18 billion also rose by 3.9% to $ 847, and Solana SOL $132.96 Binance-Peg SOL 1.15% Market capitalization $0.15 billion VOL. 24 hours $0.49 billion by 4.4% to $ 131.
Analysts attribute the growth to a change in expectations about US monetary policy. The likelihood that the Federal Reserve will cut its base rate in December helped restore investor confidence. Officials' comments about a possible easing of policy helped to reduce fears that a strong economy would force the Fed to keep rates high longer.
In addition, technical indicators signaled that the market was oversold. The Relative Strength Index (RSI) for Bitcoin has dropped to levels last seen during the FTX crisis, which has triggered buying by investors who see this as a sign of a potential trend reversal.
The key question now is whether the market will be able to keep its total capitalization above $ 3 trillion. A consolidation above this level may indicate the formation of a steady uptrend, while failure to hold positions will create the risk of a new decline to the support zone around $ 2.89 trillion.