Bitcoin experienced some volatility yesterday following the US GDP announcement but remains at a key point of around $23,000 now.
Most altcoins are calmer today, with ETH, SOL, and XRP retracing slightly. MATIC and LEO, though, are well in the green.
Bitcoin at Key Point
Bitcoin’s price increase since the start of the year has changed the overall sentiment in the industry, which is shown by the Fear and Greed Index. The metric went into ‘greed’ territory today for the first time in almost a year.
This came as the cryptocurrency increased its USD value by roughly 40% in four weeks. The culmination of the early 2023 run came earlier this week when BTC spiked to $23,800. This became its highest price tag since September last year.
However, bitcoin failed to continue upwards and retraced back down to $23,000. All eyes were on the US as the latest GDP data was about to come out. The world’s largest economy beat the expectations clocking a 2.9% rise for the last quarter of 2022.
At first, BTC remained calm but slipped by $500 hours later. Nevertheless, it bounced off to $23,000 as of now, which is a highly important level for its short-term price performance.
BTCUSD. Source: TradingView
MATIC, LEO on a Roll
The altcoins have risen impressively as well since the start of the year. However, most have calmed on a daily scale now, with even some retracements such as ETH, SOL, and XRP. All of these are down by up to 2%.
Binance Coin remains above $300 after a minor daily increase. Cardano, Polkadot, and Tron are also slightly in the green.
Nevertheless, Polygon’s native cryptocurrency has jumped the most from the larger-cap alts. MATIC has added over 8% in a day and trades above $1. LEO is another notable gainer, surging by 8% to $3.8. Chainlink and ApeCoin follow suit, both of which are up by 5%.
The crypto market cap is quite calm today, standing close to $1.050 trillion.
Cryptocurrency Market Overview. Source: Quantify Crypto
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