Economic concerns subside and Bitcoin is back on the path to growth at $ 44K. These factors are boosting the cryptocurrency market and upping the value of altcoins.
Investors are breathing hard. Two events worried the markets in recent days. First, the risk of bankruptcy of the Chinese real estate giant. An event which was reminiscent of the fall of Lehman Brothers. Its collapse triggered the financial crisis of 2007-2008.
Investors therefore feared that a comparable episode would recur. Evergrande and its 300 billion debts are enough to give you a cold sweat. But the concerns are easing now. The second cause of turbulence, including in the cryptocurrency market, was the Fed’s meeting in the US. The latter finally sent encouraging signals.
When Bitcoin goes, so are altcoins
The Fed will indeed continue to support the economy. Crypto traders appreciate it. The price of Bitcoin has thus recorded a little more than 4% growth during the last 24 hours. BTC is therefore flirting around $ 44,000.
And as often, the health of Bitcoin benefits all (or almost) crypto-assets. After falling several hundred billion dollars, the total valuation of crypto climbs 4% to $ 1.96 trillion.
As for altcoins, the day of September 23 is therefore characterized by a trend in the green, especially among the Top 20. Ether, which earlier in the week fell below $ 3,000, rose 5.71% to 3,063 dollars.
However, the recovery will have to continue to wipe out the losses of the previous days. Over 7 days, ETH drops another 15%. The ADA of the Cardano blockchain follows a comparable trajectory at + 5.7%. Its price is just over $ 2. On the other hand, it loses another 10% over a week.
AVAX and ATOM still stand out
The main altcoins on the market are also recording a comparable dynamic with growth averaging between 5 and 10%. Polkadot’s DOT sits at the high end of the range at + 10.07% and $ 30.69.
Some altcoins even stand out, such as the institutional favorite in recent weeks. Solana (SOL) gained 12.64% to 144 dollars. He will have to string together other good days to make up for the loss of the last few days.
Cryptocurrencies like Avalanche, which had more than withstood the slump and loss of investor confidence, are continuing their trajectory. Over 24 hours, AVAX gains nearly 23% and 25% over 7 days. Cosmos (ATOM) also stands out.