Bitcoin along with most cryptocurrencies reflected minor losses on Friday, December 5. The most expensive crypto asset, BTC fell in price by 1.29 percent over the last day to simmer at the price mark of $92,000. At the time of writing, the asset was trading at $92,054.
In conversation with CoinHeadlines, market analysts pointed out that despite the U.S. labour market displaying solid strength, the odds for a rate cut this month stand at 93 percent, contributing to the buying pressure.
Ether has been closely following Bitcoin’s price trajectory. On Friday, the asset reflected a price dip of 1.05 percent to trade at $3,168, showed data by CoinMarketCap. The asset’s price has taken an upward trajectory after its latest Fusaka upgrade live this week.
“Renewed whale accumulation is supporting the trend, as ETH whales have added over 450,000 ETH since mid-November, with BTC whales showing similar activity. Even with the U.S. labour market displaying solid strength, the odds for a rate cut this month stand at 93 percent, contributing to the buying pressure. A clear move above $96,000 could accelerate BTC’s momentum toward $100,000, opening the path for fresh highs,” Akshat Siddhant, Lead Quant Analyst at Mudrex told CoinHeadlines.
XRP and BNB joined BTC and ETH in clocking losses in the last 24 hours. Most altcoins including BNB, Solana, Dogecoin, Cardano, Bitcoin Cash, and Chainlink also logged small dips of under one percent – while also showing constant fluctuations at the time of writing.
Stellar, Monero, Litecoin, Avalanche, Hedera, and DAI also remained loss-ridden and volatile on Friday.
The overall crypto market cap dropped by 1.25 percent in the last 24 hours, bringing the valuation to $3.13 trillion, showed CoinMarketCap.
The score of 25 on the Fear and Greed index shows that investors are still being cautious, but are not under extreme fear for now.
The market is presently awaiting the FOMC meeting scheduled for December 10 wherein the interest rate cut decision would set pace for the next leg of the market momentum.
Meanwhile, Tron joined Zcash, PayPal USD, and OKB in seeing small but significant gains on Friday.
In the past 24 hours a total of 95,604 traders liquidated up to $261.18 million, showed data by CoinGlass.