Large Market Cap Cryptos Hold Strong Following Positive News from US

Trending Tokens on BTSE:

(as of  2:30 AM UTC, May 30, 2023) 

Following the strong start to the week thanks to the US’ expected bipartisan solution to the debt ceiling crisis, large market cap cryptocurrencies have seen some minor pushback, with Bitcoin (BTC) and Ethereum (ETH) slipping 1.3% and 0.6% respectively. Not all cryptocurrencies saw these drops, however, as well-known memecoin Dogecoin (DOGE) increased 0.09%, and altcoin Injective (INJ) saw a 9.2% jump in the last 24 hours.

On the topic of Dogecoin, the Bollinger bandwidth, a metric traditionally used to predict financial markets, predicts that Dogecoin is set for a ‘volatility explosion’ in the near future, in a new report released by Coindesk. The bandwidth predicts beginnings and ends of volatility – and currently, according to this theory, Dogecoin would be heading for a sharp movement in price, whether that be an increase or decrease. 

Despite Bitcoin’s minor drop in price in the last 24 hours, it managed to break through a value of US$28,000 within the last few days, breaking through a major point of resistance in the last month, following its drop from a price of US$30,000. In other large market cap news, Ethereum also displayed a positive reaction to the news coming from the US in the last few days, today remaining strong at around US$1,900.

Traditional financial markets have also continued to trend upward, with the S&P 500 seeing a price growth of 1.3% today, and the Australian ASX 200 similarly seeing continued minor growth of 0.02%. All eyes will continue to be on financial market prices, following positive debt ceiling news out of the US.

Trade Bitcoin on BTSE here.

Join our Telegram news channel here.

Our aim is to create a platform that offers users the most enjoyable trading experience. If you have any feedback, please reach out to us at feedback@btse.com or on Twitter @BTSE_Official.

Note: BTSE Blog contents are intended solely to provide varying insights and perspectives. Unless otherwise noted, they do not represent the views of BTSE and should in no way be treated as investment advice. Markets are volatile, and trading brings rewards and risks. Trade with caution.