Crypto Price Today: Bitcoin jumps above $37,400; Solana, Avalanche zoom up to 25%
Meanwhile, a fall in US retail sales in October after months of strong gains pointed to a cooling economy and strengthened expectations that the Fed is done hiking rates.
At 11:57 a.m., Bitcoin was trading 5.2% higher at $37,415, while the second most popular token, Ethereum, was up 3.6% at $2,054. At the same time, the global cryptocurrency market cap surged by 4.8% to around $1.43 trillion in the last 24 hours.
«Bitcoin (BTC) is up 5%, trading around $37,700, after a massive liquidation of leveraged positions totalling nearly $100 million for the day. The market recovery, fueled by aggressive buying and macroeconomic factors, is gaining momentum as US inflation and retail data support the Federal Reserve's easing cycle narrative,» said Sathvik Vishwanath, Co-Founder & CEO of Unocoin.
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View Details»Meanwhile, Edul Patel, CEO of Mudrex said, «Bitcoin has surged by over 5% in the past day, reaching a trading value of approximately $37,500. This growth persists even in the absence of any updates from the US SEC regarding Bitcoin Spot ETF applications.»
Other popular altcoins, including the likes of Solana and Avalanche, advanced 13% and 25%, respectively. Also, BNB, XRP, Cardano, Dogecoin, Toncoin, and Polkadot surged 2-6%.
In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, surged to $730 billion. Bitcoin's dominance is currently 51.06%, according to CoinMarketCap. BTC volume in
