Crypto market breaks bearish trend just before CPI report
Hello lovely people of Hive community. Hopefully you will be enjoying your life with good health and spirit. Friends, normally crypto market observed dip during weekend. Thankfully, market moved up during weekend. Today, global crypto market cap observed 1.56% rise in last 24 hours. At the time of writing global crypto market cap is around $1.06 Trillion. Almost $16 Billion added in crypto market in last 24 hours.
Green color dominance observed in market. Majority of coins observed gain today. BTC as usual at the top to the chart with a market cap of $414 Billion. BTC has a market share of 40% of overall market cap. BTC observed 1.39% rise today and currently coin is trading around $21,600
Even second place coin Ethereum observed better progress. Second placed coin observed 2.52% rise in last 24 hours. At the time of writing coin is trading around $1770. Coin has a market cap of $216 Billion. Top two coin has a market share of more than 60% of the total market cap. This reveals the influence of these coins over market. Good performance by these coin helps market to grow.
Bullish trend on coin is a good sign before the launching of new CPI report which is going to be rolled out on 13th September 2022.
Despite breaking the bearish trend from couple of days it is difficult to say which way the market will go. CPI report will definitely drive the market. Low inflation, and low interest rate will help to grow crypto market on the other hand high inflation and high interest rate will dip the market.
Anything is possible. In my opinion, it is definitely not a buying time. However, there is also no need to create panic. Time to show patience and just have an eye of latest development in business world, economic conditions and economic activity. It will help to determine the behavior of crypto market. What is your opinion my friends?
This is it for my today post. Wish you all a very happy, healthy and prosperous life ahead. Have a nice time.
Posted Using LeoFinance Beta
Bullish trend all the way
Hi
Markets are playing wait and watch as the ETH merge event plays out for the next few days.
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The crypto market looks steady. Should rise now !
The market will do whatever it wants, and it is almost impossible to predict what will happen but you are right, it seems like this bear trend is completely broken, only time will tell.
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Posted Using LeoFinance Beta
Perhaps btc and the wider market are turning bullish ahead of the ethereum merge . One just wonders if it is time for a breakout as btc price pushes at key resistance near 23k.