Cryptocurrency News Today: Cryptocurrencies continue to rise: bitcoin, above $26,000, Queen Cryptocurrency Dominance Hits Highest Level Since June 2022.
Strong rises in the cryptocurrency market . Bitcoin (BTC) has risen 5.57% in the last 24 hours to exceed $26,000. Ethereum (ETH) , for its part, stands at $1,710 after rising more than 3% in the last day.
According to Clara Medalie, research director of the French data provider Kaiko, this rally is due to the buying pressure induced in the market by its low liquidity . “As the markets are not that liquid, any significant buying pressure is going to have a considerable impact on the prices of digital assets,” she said in an interview on ‘CoinDesk TV’.
In this sense, Binance has converted $1 billion of its licensed stablecoin Binance USD (BUSD) into bitcoin, ethereum, Binance coin (BNB) and other tokens, which have been a catalyst for prices. So far this week, bitcoin is up 30%.
In parallel, the strong gains seen on Wall Street this Thursday have also helped ‘cryptos’. After the bearish close on Wednesday, US equities welcomed the announcement that eleven banks, including some such as JP Morgan, Bank of America (BofA) or Wells Fargo, will inject some 30 billion dollars in deposits at First Republic Bank after the problems experienced by the Californian regional bank.
Some analysts also point out that the decision by regulators to give up the firm’s cryptocurrency business by potential buyers of bankrupt Signature has been positive for digital assets. According to these experts, this has been seen as an attempt to separate cryptocurrencies from traditional banking and, in a way, reinforces some of the fundamentals that led to their creation: the decentralization of finance.
Also, it should be noted that bitcoin currently accounts for more than 46% of the cryptocurrency market , its highest level since June 2022. The so-called “bitcoin dominance” tends to increase when ‘cryptos’ are under pressure or in a bear market. , since it is considered a refuge against risk and volatility.
In the rest of the market, general increases in the ‘altcoins’. The main ‘tokens’ in the market such as ripple (XRP), cardano (ADA) or polygon (MATIC) rebound between 1% and 5%.