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6 February 2023
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Bitcoin Tops $17K as Crypto Market Cap Eyes $900 Billion (Market Watch)

Crypto markets bounce in today’s trading session as BTC charts a 3.5% increase from daily lows to local highs.

After days of consolidation and a downward-leaning sideways action, the cryptocurrency market has finally bounced and seen a sea of green on the trading charts. The total capitalization is aimed at $900 billion.

Bitcoin Price Tops $17K

Over the past 24 hours, Bitcoin managed to finally increase and has topped the coveted $17K level in the process.

BTC increased from an intraday low of $16,733 to a local high of $17,330 (on Binance) which marks gains of around 3.5%.

btc_price_chart_0912
Source: Binance via TradingView

Bitcoin’s dominance – the metric that gauges its share relative to that of the entire market – also increased a bit. This is important because it’s telling of the current state of things where altcoins are performing slightly less than BTC.

Altcoins Also Green

Despite performing worse than BTC, most of the cryptocurrencies are also trading well in the green today.

crypto_heatmap_091201
Source: Quantify Crypto

As seen in the above heatmap, Ethereum is one of the best performers amid the top coins by means of total market cap, and it’s up almost 4% on the day, aiming for $1,300. Litecoin and MATIC are also charting similar gains.

Trust Wallet’s TWT token and The Graph (GRT) are today’s champions, both up around 8.5% in the past 24 hours. On the other end of the spectrum, Radix (XRD) failed to keep up and declined by a considerable 10% during the day.

The increase has also had a positive impact on the broader market sentiment. Data shows that it transitioned from a state of ‘extreme fear’ to ‘fear.’

News Source

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