Crypto market outlook: Bulls flex muscles as Bitcoin (BTC) climbs above $27K

Crypto bulls ride bullish waves today (Thursday), painting charts green. That follows enhanced sentiment on the United States debt ceiling negotiations progress. Cryptocurrency prices have soared on a daily scale.

Bitcoin gained around 2% over the past day, trading at $27,366.51 during this writing. The asset’s 24hr volume increased by 23.27% in that timeframe to around $15 billion. The altcoin market followed BTC’s steps, recording notable upticks. Ethereum surged 1.08% to trade at $1,826.

Other cryptocurrencies that trade with impressive surges today include Polygon, Cardano, Litecoin, and Polkadot, gaining up to 3% within the last 24 hours. Meanwhile, PEPE remained the top-trending token, though it seems to struggle price-wise.

DeFi volume increased $2.36B, reflecting 7.03% of the overall crypto market’s 24hr volume. Moreover, stablecoins’ $30.84B volume commands 91.83% of the crypto market’s daily volume. These figures saw the global cryptocurrency market capitalization gaining 1.62% to $1.14 trillion at press time.

Render Token (RNDR) steals the show

Render Token (RNDR) led today’s gainers, with the altcoin surging more than 18% over the past day to hit $2.34. That comes as market participants speculated that the Render Network would benefit from a potential demand surge for GPU services following the upcoming Apple AR/VR headset release. Apple revealed plans to announce the headset on 5 June during the yearly Worldwide Developers Conference.

Also, watch Litecoin (LTC)

As mentioned before, Litecoin joined today’s upside party. The token recorded impressive price surges and remained on investors’ radar. That comes as coin gears up for the Litecoin halving event in the upcoming eight weeks. Halvings have historically triggered substantial market activity.

The process involves lessening mining rewards by 50%, reducing the rate of generating new LTCs. This scarcity theoretically might drive token prices higher.

Nonetheless, caution remains paramount when interacting with crypto assets. Beware of wild price fluctuations before betting on your favorite coin. Moreover, the market has showcased ups and downs lately.