Experts point out that the leading cryptocurrency could be trying to consolidate the $38,000 level, although others believe that the latest US GDP reading could give some unexpected upset to investors.
The cryptocurrencies They operate with losses this Thursday, November 30, but aim to close the month with gains of up to 70% led by altcoins. Bitcoin (BTC) It operates below US$38,000 while Ethereum (ETH) is close to US$2,000. In the last month, the two largest cryptocurrencies on the market have rallied 8% and 12%, respectively.
Experts point out that the cryptocurrency leader could be trying to consolidate the $38,000 level, although others believe that the latest US GDP reading could give some unexpected upset to investors. This Wednesday, the Department of Commerce revised upwards the reading of the Gross Domestic Product of the third quarter up to 5.2% compared to the previous 4.9% and the expected 5%. This is the highest growth figure for the world’s first economy since the fourth quarter of 2022.
The reading renewed concern about how Federal Reserve (Fed) of the United States could manage monetary policy before communicating its latest monetary policy decision of the year next December 13. This Wednesday, Bill Ackman, hedge fund manager and one of the most recognized investors today, indicated that the Fed must begin to cut the interest rates ahead of schedule, in the first quarter of the year, or risk a “hard landing” scenario, that is, managing to tame inflation by leading the economy into a recession. At this time, the Futures do not contemplate cuts until mid-2024.
The prevailing sentiment in the crypto market remains optimistic fueled by a discounted approval of Bitcoin spot exchange-traded funds.
Cryptocurrencies: which ones rose the most in November
- Avalanche (AVAX): 80%
- Solarium (SUN): 70%
- Cardano (ADA): 27.12%
- Chainlink (LINK): 26.5%
- Polkadot (DOT): 20.8%
- Polygon (MATIC): 19.5%
- Dogecoin (DOGE): 18.2%
- Toncoin (TON): 14.9%
- Ethereum (ETH): 11.7%
- Bitcoin (BTC): 8.9%.
Source: Ambito
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