The recent positive performance in the crypto market, as witnessed by the price surge of Bitcoin (BTC), Ethereum (ETH), Toncoin (TON), and others, indicates that investors are regaining their confidence. Notably, Bitcoin has reached its highest level for this month today, while staying in the green over the last seven days, ending its four consecutive weeks of decline.
Crypto Market Performance
The Bitcoin price was up 0.50% during writing and traded at $26,547.25 during writing. Its last 24-hour volume slumped 7.24% to $11,683,592,830. Meanwhile, for the last seven days, the Bitcoin price rose 2.67%, and it surged to as much as $26,840.50 during intraday trading.
The intraday high marked the Bitcoin price’s highest level in September, easing worries over a potential downturn this month. On the other hand, the Ethereum price surged 0.97% to $1,636.73 as of writing, and its volume was down 10.90% to $4,079,256,763 at the same time.
Over the past seven days, the Ethereum price rose 0.16%, and it jumped to as much as $1,652 during intraday performance. The Toncoin price increased by 12.79% on Saturday and traded at $2.20, while its past 24-hour volume rocketed 115.61% to $79,388,871.
The Toncoin price also noted double-digit gains of 22.70% in the last seven days, and it reached its intraday highest level of $2.25 on September 16. Meanwhile, the Cardano price was up 0.56% to $0.2505 from yesterday but decreased by 1.34% over the week.
The meme coins also failed to show positive momentum over the ongoing week, with the Dogecoin price declining by about 1.76% and the Shiba Inu price decreasing by 2.42%. However, over the past 24 hours, the Dogecoin price rose 0.88% to $0.06226, and the Shiba Inu price ticked up 0.63% to $0.000007413.
Weekly Highlights And Market Emotion
The positive performance of the major cryptos suggested that the investors might have shrugged off concerns over the U.S. consumer price index and producer price index data coming hotter than expected. The market anticipates that the Federal Reserve might ease its hawkish stance with its rate hike plans for now, despite the still-high inflation.
The week has sparked fears in the crypto market, especially after FTX received approval from Federal Judge to liquidate its holdings. Amid other ongoing regulatory hurdles, the FTX news of liquidating its $3.4 billion worth of holdings has caused panic among several investors.
However, the recent performance suggested otherwise, indicating an optimistic mood of the market participants. Meanwhile, the global crypto market cap rose 0.96% from yesterday and was at $1.06 trillion, while its trading volume noted a decline of 5.40% to $25.28 billion.