BTC trading volume crosses $27,700 as crypto market rolls out

BTC trading volume crosses $27,700 as crypto market rolls out

The largest cryptocurrency by market capitalization was trading hands at around $27,700 during the afternoon hours. Earlier this week, BTC briefly rose above $28,000, then pared some of its gains.

Crypto services provider Matrixport said Wednesday it broke out from its downtrend starting in the summer and turned the $27,000 level into support.

The report also said that BTC's price could be heading toward $30,000. The initial surge on Monday lacked a notable follow-through, as BTC trading volume dropped from $19 billion to $11 billion.

Enigma Securities, an institution's institutional digital asset liquidity and advisory firm, forecasts that low volatility on crypto markets will prevail for the next few months.

Markets are expected to consolidate and chop sideways in October, extending the window for accumulation for long-term investors, said vetle Lunde, senior analyst at K33 Research.

The ADP said, significantly less than the 153,000 analysts expected and August's 1808,000, that the U.S. economy added 89,000 jobs in September. This was the smallest rise in private sector jobs since 2020, said Kathy Jones, chief fixed income strategist at Charles Schwab.

Ether price slid 0.4 percent as market participants digested the disappointing first days of the first Futures-based ETF, K33 Research, told investors to rotate into BTC, indicating the lack of medium-term catalysts for ETH.

SOL, Solana's native token, has also pared its gains from earlier this week, slumping 2.3% in the past 24 hours. The token is still up over 20% in a week.

Avalanche's AVAX, a top performer among major cryptocurrencies, surged 7%. XRP also rallied more than 3% earlier in the day as Ripple's Asian arm gained a license in Singapore and a favorable court ruling.