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As the crypto sector focuses on rising bond yields and the global macroeconomic backdrop, attention is also turning to news from FTX founder Sam Bankman-Fried’s trial.
The largest cryptocurrency seems to be attempting to consolidate within a range of $26,000 to $28,000 after a rise earlier this week.
On the other hand, other cryptocurrencies besides Bitcoin experienced a decline. The second-largest cryptocurrency, Ethereum, fell by 0.5% to $1,639.
Bitcoin’s price continues to trade below $28,000, but network transaction volume is indicating an increase in activity. Here are the details!
Bitcoin Price Consolidates Around $27,000
Bitcoin was on the rise in a mixed cryptocurrency market. As the crypto sector focuses on rising bond yields and the global macroeconomic backdrop, attention is also turning to news from FTX founder Sam Bankman-Fried’s trial.
Bitcoin rose by 0.4% in the last 24 hours to reach $27,710. The largest cryptocurrency appears to be trying to consolidate within a range of $26,000 to $28,000 after a rise earlier this week.
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Bitcoin has shown resilience against stock sales and other risk assets’ declines as global bond yields reached record levels this week. Bullish traders are hoping that October can maintain its historical record as a good month for cryptocurrencies.
Julius Baer analyst Manuel Villegas said, “We believe that the end of the current tightening cycle of the U.S. Federal Reserve is around the corner, which at least limits further declines for cryptocurrencies from current levels.”
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Other cryptocurrencies besides Bitcoin experienced a decline. Ethereum, the second-largest cryptocurrency, fell by 0.5% to $1,639. Smaller cryptocurrencies or altcoins were also in the red, with Cardano down by 0.1% and Solana down by 2.6%. Memecoins were following the same trend, with Dogecoin losing 0.5% in value.
Increased Transaction Volume on the Bitcoin Network
According to data from Glassnode, the transaction volume on the Bitcoin network reached its highest level in the past month today. Glassnode explained this update as follows:
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“Bitcoin Transaction Volume (7-day MA) has reached 35,126.838 BTC, the highest level in a month.”
This trend indicates that interest on the network is not waning but rather increasing, despite stable movements in the Bitcoin price.
