Cryptocurrency Market Mixed as Investors Await US Economic Data
Bitcoin and Altcoins in the Crypto Market
Bitcoin and other top crypto tokens were trading mixed on Thursday as investors eagerly awaited key economic data from the US. The largest cryptocurrency, Bitcoin, was back in the negative zone after a brief recovery, shedding about half a per cent but managing to hold the $29,500 mark. Its largest peer, Ethereum, was also trading slightly lower but sustained above the $1,850 levels. Meanwhile, the price action in the major altcoins was mixed.
Market Reaction to SEC News
In an interesting turn of events, the crypto market seems to have shrugged off news from the Securities and Exchange Commission (SEC) that it intends to file an appeal of the ruling in its case against Ripple. Despite this significant development, the market remained focused on other factors such as the upcoming economic data from the US.
Altcoin Price Movement
Altcoin Aptos saw a notable increase of around 12 per cent in the last 24 hours following the announcement of its partnership with Microsoft. On the other hand, other altcoins experienced mixed price movements. Shiba Inu surged about 3 per cent, while Dogecoin, Bitcoin Cash, and Cardano added more than a per cent each. BNB, Tron, and XRP were among the biggest losers for the day, but their losses were capped at less than half a per cent.
Global Crypto Market Cap and Trading Volumes
The global cryptocurrency market cap was trading slightly lower, falling to the $1.18 trillion mark as it shed less than a per cent in the last 24 hours. At the same time, the total trading volumes dropped by more than 5 per cent to $34.75 billion. These fluctuations indicate a certain level of uncertainty and caution among investors.
ETH Locked on the Ethereum Chain
The total amount of Ethereum (ETH) locked on the Ethereum chain reached a fresh all-time high of 27.03 million, representing a 40 per cent jump since Shapella. The total amount staked equated to 21 per cent of ETH’s circulating supply. With an increase in validators, the staking rewards have progressively reduced, according to the CoinDCX Research Team.
In conclusion, the cryptocurrency market displayed mixed movements on Thursday as traders and investors eagerly awaited the release of economic data from the US. Despite the news of the SEC’s intention to file an appeal in the Ripple case, the market remained focused on other factors such as altcoin price movements and the total amount of ETH locked on the Ethereum chain. These developments indicate a certain level of uncertainty and caution among cryptocurrency market participants.
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