Bitcoin (BTC) had a stellar trading session on Tuesday, leaping a full 1.7% higher against the US dollar to bring its spot price to $27,210 by the end of the day.
Intraday trades went nearly as high as $27,500 until a late-day correction.
Bitcoin's solid performance precedes today’s US Federal Reserve interest rate call, where the Fed is expected to put a pause on any more hikes going forward.
This should bode well for riskier assets like bitcoin and equities, although further bitcoin correction back to $27,127 at the time of writing suggests there is still some uncertainty in the market.
Regardless, BTC/USDT is now close to 1.9% higher month to date, an impressive performance given September’s propensity for bearish bitcoin and crypto prices in general.
BTC/USDT remains 4.3% lower over six months – Source: tradingview.com
Unfortunately for Binance, fewer and fewer bitcoins are passing through its halls.
According to K33 Research data published by CoinDesk, Binance’s bitcoin trading volumes have tanked 57% since the start of September alone, despite other exchanges posting relatively flat volumes.
Binance still remains the largest cryptocurrency exchange by a significant margin, though runner-up Coinbase stands to gain from the myriad of global regulatory pressures besetting its bigger rival.
Ethereum (ETH) added 0.4% on Tuesday, bringing its spot price to $1,643 by the end of the session.
But the second-largest cryptocurrency by market capitalisation fell back 0.6% in this morning’s Asia trading window and at the time of writing, was swapping for $1,633.
Among the wider top-20 altcoin set, Toncoin (TON) remains by far the top performer, with the Telegram-linked Layer-1 blockchain protocol adding over 28% over the past seven days.
Despite Binance’s woes, its native BNB token remains 2.9% higher week on week, with Ripple (XRP), Litecoin (LTC) and Solana (SOL) posting high-single-digit gains.
The global cryptocurrency market cap is currently $1.07 trillion after jumping half a percent overnight.
Bitcoin dominance has leapt forward to 50.19% from under 50% this time last week.