Fri, September 30, 2022

Crypto market avoided rally despite investors’ expectations

crypto market, Australia benefited from Bitcoin

Investors expected the crypto market to rally again. However, the great surge hasn’t materialized thus far. Bitcoin climbed up by only 0.87% to $51,807.0 on Friday. After a mixed start of the day, the crypto tumbled down to an early morning low of $51,300.0 before surging forward to a high of $52,115.0. It also left the major support and resistance levels untested.

 

On Thursday, Bitcoin declined by 1.86%. After losing 3.72% on Wednesday, the crypto ended the day at $51,358.0. It fluctuated during the session, though, dropping to an early morning low of $51,511.0 before moving again. Bitcoin also steered clear of the major support levels, and then it skyrocketed to a late morning intraday high of $53,116.0.

 

However, the crypto fell short of the first major resistance level at $55,853 and plummeted down to a mid-day intraday low of $50,350.0. Afterwards, Bitcoin avoided the first major support level at $50,163, but it managed to move back through to $51,300 levels, reducing the loss on the day.

 

Thus far, the near-term bullish trend is still intact despite the latest pullback. The crypto would need to fell through the 62% FIB of $26,041 to form a near-term bearish trend.

 

Bitcoin’s dominance dropped to a Tuesday low of 60.20% before soaring to a Wednesday high of 62.24%. On Friday, Bitcoin’s dominance sat at 60.94%.

 

How did the other cryptocurrencies fare? 

 

The crypto market fluctuated on Friday. Most of the major digital coins traded in the green. However, Polkadot tumbled down by 0.02%, bucking the trend of the day.

 

On Friday, Cardano’s ADA and Crypto.com Coin climbed up surged forward by 1.76% and by 1.70%, respectively. Meanwhile, Ripple’s XRP surged forward by 1.79%, leading the way.

 

Thursday’s session varied for the major cryptos as well. Some of them suffered significant losses. Crypto.com Coin plunged by 13.95%, leading the way down.

 

Binance Coin tumbled down by 5.77%, and Bitcoin Cash SV shaved off 3.31%. Litecoin also plummeted down by 2.54%, joining Bitcoin in the red on Thursday.

 

On the other hand, the rest of the major coins traded in the green. Ripple’s XRP surged forward by 6.66%, leading the way. Cardano’s ADA climbed up by 2.68%, and Chainlink added 2.79%, all of them finding strong support, as well. Ethereum and Polkadot gained relatively modest amounts, adding 0.32% and 0.50%, respectively.

 

The total crypto market rallied to a Monday high of $1,802bn during the current week before tumbling to a Thursday low of $1,517bn. On Friday, the total market cap sat at $1,588bn.

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