Crypto Price Today: Bitcoin rises above $29,600; Polygon, BNB surge up to 3%

economictimes.indiatimes.com:

Fitch Ratings downgraded the US long-term debt rating on fiscal concerns. Fitch Ratings has downgraded the United States' sovereign credit grade by one level from AAA to AA+ on the basis of 'ballooning fiscal deficits and erosion of governance' that have caused repeated debt limit emergencies over the past two decades. Bitcoin (BTC) surged 2.61% to $29,657, meanwhile, its largest peer, Ethereum, was also trading higher and climbed above the $1,850 level.

«Bitcoin regained the $29000 mark in the last 24 hours. This surge could be because of MicroStrategy filing to sell $750 million in stock with the capital targeted to purchase more bitcoin or because of Fitch downgrading the US Dollar from AA+ to AAA reflecting expectant government debt and fiscal deterioration,» Edul Patel, Co-founder and CEO at Mudrex, said. Other top crypto tokens, BNB, XRP, Dogecoin, Solana, Polygon and Polkadot were also trading higher.

The total volume in DeFi is currently $3.25 billion, 8.19% of the total crypto market 24-hour volume. The volume of all stablecoins is now $38.03 billion, which is 95.89% of the total crypto market 24-hour volume. Meanwhile, the global cryptocurrency market cap was trading higher, around $1.19 trillion, rising 1.88% in the last 24 hours.

The market cap of Bitcoin, the world's largest cryptocurrency, was around $576 billion. Bitcoin's dominance is currently 48.54%, an increase of 0.28% over the day, according to CoinMarketCap. BTC volume stood at approximately $19.7 billion, rising 51.65% in the last 24 hours.