{"id":391884,"date":"2019-08-01T11:00:24","date_gmt":"2019-08-01T11:00:24","guid":{"rendered":"https:\/\/wncen.com\/?p=391884"},"modified":"2019-08-01T08:54:00","modified_gmt":"2019-08-01T08:54:00","slug":"crypto-markets-up-8-billion-as-bitcoin-and-litecoin-lead-the-way","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/crypto-markets-up-8-billion-as-bitcoin-and-litecoin-lead-the-way\/","title":{"rendered":"Crypto Markets Up $8 Billion as Bitcoin and Litecoin Lead The Way"},"content":{"rendered":"

Following days of consolidation, crypto markets are on the up today as Bitcoin taps five figures once again. The altcoins are largely immobile, that is except Litecoin which appears to be on the move before its halving early next week.<\/p>\n

Crypto Market Capitalization Increases<\/h2>\n

The moves by these two digital assets resulted in an $8 billion cash injection into crypto market cap which touched a five day high of $277 billion. Total trade volume for all cryptocurrencies is back over $50 billion as momentum starts to bubble up again.<\/p>\n

\"crypto<\/a>
Total market cap 24 hours. Coinmarketcap.com<\/figcaption><\/figure>\n

For the past two weeks, however, crypto markets have been range bound trading between $250 and $300 billion, largely around current levels right between the two.<\/p>\n

The lift today has come from Bitcoin once again as it broke above the five figure barrier<\/a> at touched an intraday high of $10,170. The move has lifted it around 7.5 percent from its low yesterday around $9,700. The day\u2019s Asian trading session has been a little bearish with a slide back to $9,880 but as Europe awakes BTC has moved back to $10k again.<\/p>\n

The highly anticipated FED interest rate cut was largely viewed as bullish for Bitcoin as it is traditionally a sign of a slowing economy which could lead to a weaker greenback. BTC did not react much proving that it remains largely uncorrelated to US monetary policy. Economist Alex Kruger was quick to point this out.<\/p>\n

\u201c$BTC saw a very minor increase in trading activity at 14:00 EST, time of the FOMC statement. FOMC volatility hit the market the most starting 14:37 EST, during Powell’s conference. $BTC did not even flinch then \u2026 That’s how an uncorrelated asset for which monetary policy is a very minor driver trades.\u201d<\/p><\/blockquote>\n

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$BTC<\/a> saw a very minor increase in trading activity at 14:00 EST, time of the FOMC statement. FOMC volatility hit the market the most starting 14:37 EST, during Powell's conference. $BTC<\/a> did not even flinch then. pic.twitter.com\/fBD3LfzEH3<\/a><\/p>\n

— Alex Kr\u00fcger (@krugermacro) July 31, 2019<\/a><\/p><\/blockquote>\n