The crypto market has recovered from the correction witnessed last week as positive sentiment among traders increased buying pressure. Bitcoin price jumped over 6% to move towards the $30,000 psychological level, while Ethereum price also looks to regain $2000.
Bitcoin is currently trading above $29,000. In the last 24 hours, BTC price recorded a low and high of $27,217 and $29,121, respectively. ETH price trades at $29,121, with a 24-hour low and high of $1,805 and $1,919, respectively.
Altcoins including BNB, XRP, Dogecoin, Shiba Inu recorded over 3% upside move. While Polygon (MATIC), Cardano, and Solana jumped nearly 7%, with the global crypto market jumping 5% to $1.21 trillion in the last 24 hours.
The total crypto market volume rises 25% in the last 24 hours. The Crypto Market Fear and Greed Index increased to 56, indicating “Greed” sentiment in the crypto market.
The sudden upside momentum came due to macro factors. The US Dollar Index (DXY) fell nearly 0.5% to 101.25, which resulted in a market-wide recovery. Several experts such as billionaire Stanley Druckenmiller have shorted US the dollar due to a weak outlook.
Furthermore, the U.S. Treasury Yields dip as investors are concerned about the debt ceiling. It could put the world in financial turmoil.
Bitcoin Recovers As Banks Fail
After falling nearly 50% yesterday, shares of First Republic Bank plunges 11% in pre-market hours on Wednesday, April 26. The FRC share price is trading at $7.16 in pre-market hours.
Last month, the US Federal Reserve balance sheet jumped $400 billion as it introduced fresh money to help failing banks during the banking crisis. Bitcoin price rallied massively on Fed printing and jumped over the key 200-WMA level. Investors are looking at similar scenarios amid increasing challenges for the Biden Administration.
Bitcoin Active Addresses 30D MA on-chain data indicates that BTC has broken through the 18-month high and market demand has flowed in with the recovery phase. Moreover, the UTXO Value Bands indicate whale accumulation.
Also Read: Court To Consider Coinbase’s Lawsuit Against SEC In Insider Trading Case?
The post Crypto Market Recovery: Bitcoin and Ethereum Price Begins Major FOMO Rally appeared first on CoinGape.
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