Excluding dollar-tied digital tokens, top cryptocurrencies traded higher earlier on Monday. Musk’s meme coin, Dogecoin, gained more than 16%. Bitcoin saw its value increasing by 12%.
Top digital currencies extended their upticks on Monday after the massive push that the market saw during the B-Word meeting. Excluding dollar-pegged coins, top cryptocurrency tokens traded higher in the first sessions today. Dogecoin, Musk’s favorite, surged more than 16% as Bitcoin added around 12%.
Meanwhile, the past 24 hours witnessed the global cryptocurrency market capitalization increasing by 9.27% to stand at $1.52 trillion. On the other hand, the overall cryptocurrency market volume lost 29% to $89.96 billion.
Cryptocurrencies, including Bitcoin, traded over their vital technical zones. That is the first time the market registered such moves since the first week of May. The recent upward push came from Cathie Wood, Elon Musk, and Jack Dorsey at the B-Word panel talk. The prominent individuals boosted the coin’s momentum with their bullish views.
Meanwhile, Amazon plans to offer crypto payment services to its users. For now, the commerce platform is employing a blockchain, and digital currency products lead to its disbursements team.
Edu Patel, Mudrex Co-founder, and CEO said the past sessions have encouraged crypto investors as the dominant coin, BTC, saw a breakout after consolidating for about seven weeks.
He further stated that now market players see the largest coin by market cap moving towards $40,000, the psychological level.
A popular crypto exchange FTX declared its plans to curb the high-risk trading that ruled the market recently. Analysts blamed the BTC’s sharp fluctuations and a global market dominated by a casino-like environment.
Britain’s FCA declared that CoinBurp, a crypto broker has no approval to launch $BURP, its native token. That came from the recent crackdown on cryptocurrency trading by Financial Conduct Authority (FCA).
BTC Tech View
Bitcoin appears strong at the moment. The RSI broke out from its 3-month downward moves. The indicators show that Bitcoin will continue to experience buying pressure. Also, the asset broke its declining trend, trading over the $36.6K lower high. In cases where the dollar index weakens or sustains sideway moves, Bitcoin might see extended upside rallies.