Wednesday (25th) started with the cryptocurrency market recording a slight increase. Bitcoin has been trading up slightly by 0.3% over the past 24 hours. BTC price reached $22,986, very close to $23,000. Bitcoin’s weekly rally reaches more than 8%.
In the Brazilian market, Bitcoin saw a slightly smaller increase, of just 0.2%, due to the discrepancy in the recent closing price of the trading dollar. The price of bitcoin for Brazilian investors reached R$119,389. BTC volume increased by 2.24% to nearly $27.4 billion.
Ethereum price fell in the past few hours, recording 0.6%. The current price of ETH, according to CoinGecko, is R$8,461.
Bitcoin and Ethereum’s trading range is starting to narrow as the two largest cryptocurrencies by market cap are looking for new areas of support. However, in recent days, both BTC and ETH failed to reach 1% of the daily change.
Bitcoin is rising, but altcoins remain in the red
In the past 24 hours, Bitcoin has added more market capitalization and the price has increased. However, for altcoin investors, the news was not very happy. Among the major currencies in the market, the balance remained negative for the most part.
BNB, the cryptocurrency issued by the Binance exchange, was the exception. According to CoinGecko, the price of BNB increased by more than 2.6% over the past 24 hours, selling at R$1,632. Polygon (MATIC) and Polkadot (DOT) also gained around 1.4%.
XRP, Cardano (ADA), Dogecoin (DOGE), Solana (SOL), OKB, Lido Staked Ether (STETH), Shiba Inu (SHIB), and Litecoin (LTE) are down as much as 1%. All data was available on CoinGeko around 9 am.
The cryptocurrency market is off to a great start to the year as it has now crossed the crucial trillion dollar mark. Next month’s pivotal Fed meeting will be a closely watched event as it will determine the course of monetary policy and rate hikes will be the focal point of discussion.
The Fed sent probes that it may end its aggressive stance, but the outcome of the meeting will determine the market mood in the coming weeks.