Bitcoin trades above $30,000 after surging to one-year high last week

The price of Bitcoin has been above $30,000 since last week on account of multiple factors like the Fed chairman's statement and investors’ optimism around institutional entry into ETFs. The global crypto market capitalisation continues to remain above $1.2 trillion even though it is down by 0.8 per cent since yesterday according to experts.

"Despite a fall of 1.6 per cent in the last 24 hours, BTC continues to trade over the $30,000 mark with weekly gains of over 14 per cent. If BTC stays above $30,000, we may see further positive price action. In other news, Brazil’s central bank has authorised its largest local crypto exchange, Mercado Bitcoin, to participate in the pilot of the country’s CBDC called the digital Real. The consortium also counts Mastercard along with other entities as partners," Parth Chaturvedi, Investment Lead, CoinSwitch Ventures told Republic.

"After surging to a one-year high above the $31,000 level on Friday, Bitcoin has entered a consolidation phase, trading around the $30,000 mark in the past 24 hours. To sustain its upward momentum, Bitcoin needs to maintain its position above the crucial $30,000 level and potentially attempt to surpass it. The current support level for BTC stands at $29,500," Edul Patel, CEO, Mudrex told Republic.

Prices listed were last checked at 10:20 am today according to Investing.com

Bitcoin (BTC) 

Bitcoin was trading around $30,000. It has advanced 14.56 per cent in the last seven days with a market cap of $587.56 billion. The past week has witnessed a significant rise, fostering positive investor sentiment according to experts.

Ethereum (ETH) 

ETH has lost some steam with prices down 0.8 per cent  in the last 24 hours but weekly gains of over 8 per cent. It continues to trade with a market cap of $225.73.

Dogecoin (DOGE) 

Dogecoin surged 6.32 per cent to  $0.06577 in the last seven days. It has seen a loss of just 2.51 per cent in the last 24 hours with a market cap of $9.22 billion.

Litecoin (LTC) 

Litecoin's price dropped to $87.02. It has witnessed a good gain of 12. 85 per cent in the last seven days with the market cap increasing to $6.37 billion.

Solana (SOL)

Solana's gained almost 8 per cent in the last seven days with a market cap of $6.68 billion.

Ripple (XRP) 

Ripple has gained approximately 1 per cent in the last seven days and stood at $0.4848 with a market cap of $25.34 billion.

The crypto market has been able to hold its ground over the weekend despite witnessing slight selling pressure in the last 24 hours. The crypto fear and greed index registered a decrease of 9 points but remains in the greed zone with a score of 55/100 according to experts.