Cryptocurrency Market Ends Week Positively While Bitcoin ETF Withdrawals Decrease
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Optimism returned to the cryptocurrency markets on Friday with a general upturn in prices. Enthusiastic investors flocked back to Bitcoin (
BTC
) and a host of alternative cryptocurrencies. This renewed interest coincides with a decrease in outflows from the Bitcoin spot ETF, which signals what some analysts consider a turning point from the recent downward trend.
While stocks displayed mixed performance for the week, the December PCE index, a key inflation metric favored by the Federal Reserve, showed an increase less than 3% over the year. This has encouraged a positive shift in investor sentiment regarding potential interest rate reductions as soon as March. However, it had a limited impact on lifting major stock indices.
The market closed with the Dow Jones Industrial Average slightly higher at a 0.16% gain, while both the S&P 500 and Nasdaq Composite indices dipped with marginal losses of 0.07% and 0.36%, respectively.
TradingView data indicates that Bitcoin maintained stability near the $40,000 mark during the early hours of Friday. However, bullish activity later pushed its value to peak at $42,255 by afternoon, positioning BTC squarely within the trading range established since the beginning of December. Currently, Bitcoin is valued at $41,900, posting a 5.2% gain over 24 hours.
BTC/USD
Chart by TradingView
Michaël van de Poppe of MN Trading expressed his belief that the upward move beyond $40,000 could signal the end to Bitcoin’s corrective phase.
I’ve not posted an update on this chart for
#Bitcoin
in a while.It’s going pretty well as planned.
Now, consolidation will likely occur before continuing to new all-time highs.
pic.twitter.com/riAx7Tp9FQ
— Michaël van de Poppe (@CryptoMichNL)
January 26, 2024
Despite van de Poppe’s cautious optimism for steady future growth, he does not foresee any significant rallies coming soon, and anticipates a period of sideways trading in the upcoming days and weeks.
Altcoins climb higher
Recovery was in the air for altcoins, with a notably positive performance from almost all major tokens in the top 200 by market capitalization.
Daily cryptocurrency market performance. Source: Coin360
SATS (1000SATS) took the lead with a surge of 21.45%, Conflux (CFX) ascended by 20.8%, and Sui (SUI) enhanced its value by 19.5%. On the flip side, dogwifhat (WIF) witnessed the largest downturn of 10.5%, followed by Pyth Network (PYTH) which slid by 3.8%, and Maker (MKR) which retreated by 2.9%.
The total market capitalization of cryptocurrencies now stands at $1.61 trillion, with Bitcoin’s market dominance at 51%.
Disclaimer:
The perspectives offered here reflect those of the author’s and may not be identical to those of Kitco Metals Inc. The author has endeavored to ensure the precision of the data provided. However, Kitco Metals Inc. and the author do not guarantee this accuracy. This article serves solely for informative objectives and does not constitute an invitation to transact in any market. Kitco Metals Inc. and the writer shall not be held accountable for any losses or damages resulting from the utilization of this publication.
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