The Crypto Market is Showing Signs of a Broad Renaissance

Bitcoin (BTCUSD) is back above $27K today as open interest in the largest cryptocurrency by market cap continues to show signs of return. Monday's rally saw Bitcoin's open interest surge by more than $1 billion before falling sharply later in the day. Total Bitcoin open interest now stands at nearly $8.6 billion, up $400 million from today but down from Monday’s multi-month high of just under $9 billion. The increase in open interest has led to increased market liquidity, indicating a growing consensus on Bitcoin.

The deadline for the SEC’s second round of spot Bitcoin ETF decisions is October 16–17. On Wednesday, the FOMC announced its latest policy decision, and the market fully expected interest rates to remain unchanged. The press conference following the decision is worth listening to, especially if Chairman Powell reiterates that interest rates are likely to rise further. More research articles about next year’s BTC halving have been published online, which has obviously also affected investors’ sentiment in buying BTC.

All in all, the projects related to minimizing transaction costs are remarkably favored by crypto market participants. Over the past 24 hours, the cryptocurrency market capitalization jumped by 1.8% and exceeded $1 trillion. The clear outperformer is the coin eCash (XEC), which added more than 7%. Over the last 24 hours, its value soared by almost 15%, and its capitalization reached almost $524 million, while trading volumes soared by almost 1500%. The developers’ take of eCash project is that it represents a new era of electronic money. According to the creators' notes, it is a new incarnation of the essence of money backed by technology.