The cryptocurrency market is bullish today. The global cryptocurrency market cap has increased by nearly 6%, but it remains below the $900 billion level. The majority of crypto assets are trading in the green today.
Crypto prices pump today
Bitcoin is back above the $16K levels after gaining more than 5% in the last 24 hours. At the time of writing, Bitcoin was trading at $16,546, according to CoinGecko. Ether is also trading in the green today after gaining 7% to above $1,164.
The top-ten largest cryptocurrencies are also trading in the green today. The largest gainer among large cap cryptos is BNB, which is up 16% in the last 24 hours. Dogecoin and Polygon (MATIC) are trading in the green today, gaining 10% and 8%, respectively.
The current bullish outlook is a reversal from what has been seen in the past two weeks, where crypto prices have plunged because of fear and uncertainty. The current gains could be sustained as buyers try to scoop up coins at low prices. Some macro factors at play could also sustain the bull run.
What is behind the crypto price pump?
In recent years, there has been increased investment in the crypto sector from institutional investors. This interest has increased the correlation between crypto and stocks. The S&P 500 closed higher after a 1.36% gain, while Nasdaq registered a similar gain. If stocks continue rallying, Bitcoin and other cryptocurrencies could sustain the uptrend.
The recent US economic data shows that the inflation level is easing. This has raised hopes that the Fed will slow down interest rate hikes. While speaking with CNBC, the Cleveland Fed President, Loretta Mester, said that the rate at which interest rates were being hiked could slow down, but the hikes would not be halted entirely.
This is a bullish sign, and it matches the expectations of many analysts that believe the Fed will raise interest rates by 50 basis points in the next FOMC meeting in December.
Lastly, the court hearing into the FTX case has started. The court case is expected to reveal the entire operations of the FTX exchange. It will also clarify how this exchange’s former users and creditors will be reimbursed. Clarity around FTX could ease market fears and sustain the uptrend.
Altcoins to buy today for 10x gains
As the market turns bullish, crypto investors are looking for the best cryptos to invest in to secure gains. Some of the best crypto presales you should consider buying today include Dash 2 Trade, RobotEra, and Calvaria.
Dash 2 Trade is a crypto signals platform where crypto investors can access social trading data, real-time analytics, and other tools that will help them make winning trades. The Dash 2 Trade presale has raised more than $6.86 million and announced listings on LBank and BitMart in Q1 2023.
RobotEra is a Sandbox-like metaverse where gamers can create robots and participate in creating the digital world. It is a metaverse platform where users can develop their own land. The TARO presale is already successful, as it has raised more than $180,000 in funding.
Calvaria is also another gaming project running on Ethereum. It is a platform seeking to boost the adoption of Web3 gaming by allowing both crypto and non-crypto gamers to access all the game’s features. The presale for RIA is currently in the fourth stage. More than $1.9 million has already been raised.
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