The cryptocurrency market rebounded and rose in an all-round way on the 26th. Bitcoin rose to the $20,000 barrier after a few weeks of breaches. Ether once rose to $1,500, and the overall cryptocurrency market capitalization hit $1 trillion again.
Bitcoin was up 4.8% to $20,222 at press time, topping $20,000 for the first time since Oct. 7, according to CoinGecko, following a relatively modest move over the past few weeks.
Ethereum’s rally was even better today, up 10.9% in the past 24 hours to $1,486, having earlier hit the day’s high of $1,507, which is the first time the currency has reached $1,500 since the Sept. 15 consolidation and upgrade milestone.
Meanwhile, other major altcoins also rose in sync today, with Solana (SOL) up 10.1% to nearly $31, Cardano (ADA) up 10.2% to $0.39, and Polkadot (DOT) up 9.5% to $6.49.
With the currency market soaring across the board, the overall cryptocurrency market now has a total market capitalization of $1.03 trillion, the first time it has crossed the $1 trillion mark since October 4.
On the other hand, this surge has also resulted in the liquidation of more than $800 million worth of cryptocurrency positions , of which 56.49% came from short positions, liquidating more than 110,000 traders within 24 hours , according to CoinGlass data . .
Analysts believe that general economic trends are driving the rebound in the cryptocurrency market, with U.S. stocks generally rising today as the U.S. technology company earnings season kicks off. “Reuters” believes that several Federal Reserve officials have begun to issue a “dovish” tone, which has rekindled investors’ hopes that the Fed will slow down the pace of interest rate hikes, thereby boosting market performance.
Edward Moya, senior market analyst at OANDA, also pointed out that he hopes the Fed will slow down the pace of rate hikes as soon as possible:
Both Bitcoin and Ethereum are gaining momentum as Wall Street marshals several strong trades. The economy is showing signs of recession, helping to increase investor confidence that the Fed will slow the pace of interest rate hikes.
