Bitcoin experienced some volatility yesterday following the US GDP announcement but still remains at an important level around $23,000 for now.
Most altcoins were calmer today, with ETH, SOL and XRP retracing the lows slightly. MATIC and LEO, however, are in good shape.
The rise in the price of Bitcoin since the beginning of the year has changed the overall sentiment in the industry, as indicated by the Fear and Greed Index. The metric entered 'greedy' territory today for the first time in nearly a year.
This comes as the cryptocurrency BTC began to surge by about 40% in four weeks. The peak of the early 2023 surge came earlier this week when BTC surged to $23,800. This marks the highest price since September last year.
However, bitcoin failed to continue its upward surge and retraced to the $23,000 trading level. Market players are focused on the US as the latest GDP data is almost out. The world's largest economy beat expectations of a 2.9% increase for the last quarter of 2022.
Initially, BTC remained calm but dropped by $500 an hour later. Nevertheless, it surged to levels approaching the $23,000 level so far, which is a very important level for its short-term price performance.
Altcoins have also risen nicely since the beginning of the year. However, most have calmed down on the daily scale now, even with some shifts like ETH, SOL and XRP. All this is down to 2%.
Binance Coin remains above $300 after a small daily gain. Cardano, Polkadot, and Tron are also slightly in the green. However, Polygon's native cryptocurrency has surged the most. MATIC has added over 8% intraday and is trading above $1. LEO was another notable gainer, jumping 8% to $3.8. Chainlink and ApeCoin followed suit, both up by 5%.
Crypto market levels are relatively calm today, with a market cap of nearly $1.050 trillion.
