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Crypto market continued to rally on Friday as traders believed that the worst over the inflation is now done and the markets will see a quick recovery. Bitcoin topped the $24,000 level, despite the fact that US GDP contracted more than expected. Risk appetite is roaring back but experts believe that it is too quick to jump to any conclusion. Barring the US dollar-pegged stablecoins, all other top crypto tokens were trading higher. Solana rallied over 9 per cent, whereas Polygon and Uniswap rose over 8 per cent each. Avalanche rallied 7 per cent, whereas Dogecoin added 6 per cent. The global cryptocurrency market cap was trading sharply higher at the $1.10 trillion mark, rising more than 4 per cent in the last 24 hours. However, the total trading volume jumped almost 16 per cent, close to $107.69 billion. Bitcoin and Ethereum rose for another day. Bitcoin topped the $24,000 level in response to the US central bank’s latest interest rate hike and its support is now at $21,000, while resistance is $25,000, said Edul Patel, CEO & co-founder, Mudrex.

Varuni is an experienced crypto analyst and journalist with a keen interest in the Web3, blockchain, metaverse and NFT space. She's currently heading the Voice of Crypto team as the Editor-in-Chief and believes that decentralized web is the way to go.