Proactive Investors - Bitcoin (BTC) posted another green candlestick on Thursday, with the BTC/USDT pair closing above $26,500, or up around 1.15% on the previous day’s closing price.
It brought the world’s largest cryptocurrency to its highest price point this month, lifting hopes that the September (or Septem’bear’) curse may not chip away at bitcoin’s strong year-to-date performance after all.
Bitcoin remained buoyant this morning, with a quarter percentage point bump bringing it to $26,568 at the time of writing.
Bulls will be looking toward $27,000 at the next target, though Binance’s order book shows a strong sell wall here, which could make it difficult to break through resistance.
BTC/USDT is around 1.5% lower over six months – Source: tradingview.com
On the support side, Binance’s order book shows solid buy-side orders at the flat US$26,000 price point.
Bitcoin appears unphased by hotter-than-expected inflation data emerging from the US this week.
On Wednesday, the consumer price index posted its biggest monthly gain of the year by rising 0.6% in August, while the year-on-year inflation rate as a whole overshot market forecasts by 0.1 percentage points.
Genesis folds
In wider cryptocurrency news, Genesis, once one of the largest crypto trading desks in the business, has officially ceased any and all trading services, whether spot or derivates products, through all of its international business entities.
Earlier this month, Genesis announced that its US operations were closing, though the Digital Currency Group-owned firm has evidently decided to close shop entirely.
“Genesis has decided to stop offering digital asset spot and derivatives trading through GGC International, Ltd. (GGCI),” read an email statement. “This decision was made voluntarily and for business reasons. With this termination of services from GGCI, Genesis no longer offers trading services through any of its business entities.”
Genesis blamed the 2022 collapse of crypto-focused hedge find Three Arrows Capital, and subsequent market turmoil, on its decision to fold.
Bitcoin outperforms ether
Back to the markets, Ethereum (ETH) added 1.2% on Thursday to bring its spot price to $1,626 against the US dollar.
The ETH/USDT pair stayed essentially flat this morning, having knocked slightly higher to $1,628.
Week on week, bitcoin remains 1.2% higher while ether is around 1.1% lower, thus increasing bitcoin dominance – a measure of its market cap against the entire crypto markets – back above 50%.
In the wider altcoin space, BNB, Ripple (XRP), Cardano (ADA) and Dogecoin (DOGE) are down in the low single digits week on week.
Tron (TRX) and Toncoin (TON) remain the outperformers among the top-20 set, adding 5.9% and 7.5% respectively.
Global cryptocurrency market cap currently stands at $1.05 trillion, having added a little over 1% overnight.