bitcoin

Market Update – Buyers Keep Bitcoin Above $34,000

Analysis
Reading Time: 2 minutes

The price of the cryptocurrency developed by Satoshi Nakamoto is currently trading above the $34,000 psychological barrier thanks to the action of buyers, who have been very active during the weekend.

We should remember that the cryptocurrency was trading at around $33,000 on Friday afternoon, so it has added $1,000 over the weekend to the current level.

As for Ethereum, it is back above $2,000 after spending quite some time below this level. Buyers had been unable to push the cryptocurrency above that level since the recent market crash. However, now they have managed to do so, we can just wait to see if the momentum is strong enough for the crypto to stay above $2,000.

All the assets from CMC’s top 5 are in positive territory with the only exception of Tether, which has lost 0.07% during the last day.

CoinMarketCap

Regarding the BTC dominance index, it stays at 46.8%, exactly the same percentage it showed last Friday. The total market cap stands at $1.375T, slightly above Friday’s level.

Today we have reported that the British FCA has banned Binance from conducting any regulated activity in its territory. How will this affect the platform’s plans in the country.

As far as altcoins is concerned, it has become known that Elon Musk has publicly supported a proposal made by a Dogecoin developer aimed at reducing fees on the altcoin’s network.

It seems the market has started the week with a positive tone. How long will this sentiment last?

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