Crypto Euphoria – Action Forex
Market Picture
The cryptocurrency market surged with excitement as its capitalization jumped 7% in just 24 hours, reaching $2.45 trillion and briefly peaking at $2.48 trillion, matching the highs seen in July. Trading volumes since the start of the day were the highest since early August and have a chance of surpassing those levels.
Bitcoin has been a key driver of the crypto market rally, rising 6.6% over the past 24 hours to an all-time high of $75.4K before retreating to $73.8K at the time of writing. The current move is within a rising channel that has been in place since September. Its upper border is now near $76.6K (above the recent highs), and the RSI is far from overbought, suggesting that there is still upside potential.
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