Bitcoin moves above US$28,000

Bitcoin broke above the $28,000 mark in Asia in the morning as the top 10 volatile cryptocurrencies advanced. XRP led the highs with gains of more than 20% on speculation that it might win the ruling it needs in the SEC court.

US stocks advanced on Tuesday as the Treasury Secretary doubled down on bailout commitments for troubled banks. As the Federal Reserve announces its interest rate decision, most analysts expect a 25 basis point hike.

Bitcoin advanced 0.53% to $28,067 in the last 24 hours. In Hong Kong, it advanced by 13.23% in the week. The world’s largest crypto is up 70% year-to-date after falling for most of last year.

According to the founder and CEO of Ark Invest, an investment management fund, Bitcoin’s price advance amid bank failures in the United States points to the more institutional acceptance of cryptos as a hedge of the value.

The Bitcoin Fear & Greed index, which indicates the sentiment of the crypto market, rose to a record 16-month peak of 68 points, demonstrating that investors are increasingly open to risk.

Ethereum, XRP, and total crypto cap

Ether advanced 2.13% to $1790, up 4.98% in the last week. The token breached the $1,800 mark last Saturday for the first time since August 2022 and around this resistance.

XRP advanced 21.87% to $0.4617, a weekly growth of 23.67%. Ripple Labs’ legal team has submitted a new filing to a judge to support their defense against the lawsuit brought against them by the US Securities and Exchange Commission.

The total capitalization of the crypto market in the last 24 hours advanced by 1.07% to 1.19 million USD. In the last 24 hours, the total trading volume fell by 11.79% and retreated to USD 67.75 billion.