Major cryptocurrencies exhibited a varied performance with a positive inclination on Wednesday. Bitcoin, Ethereum, BNB, Solana, Dogecoin, Toncoin, and Shiba Inu demonstrated gains, rising by up to 4%. In contrast, XRP, Cardano, Polkadot, Chainlink, and NEAR Protocol experienced losses of up to 2%.
Over the past 24 hours, the global cryptocurrency market cap increased by 0.9% to approximately $2.47 trillion.
As of 11:32 a.m., Bitcoin showed a 0.3% increase, reaching \(66,682, while Ethereum surpassed the \)3,253 mark.
Crypto Tracker
13,215 (3.01%)
271,893 (2.97%)
50,759 (1.16%)
5,569,813 (0.77%)
83 (0.01%)
According to analysts at CoinSwitch Markets Desk, “The market is maintaining a delicate equilibrium between bullish and bearish sentiments. Bitcoin’s 200-day moving average, a widely monitored indicator, is approaching its highest levels in over 2 years. This could indicate the onset of the most bullish phase in the current cycle.” Meanwhile, the CoinDCX Research Team remarked, “Over the last 24 hours, the market sustained its upward trend, driven by positive performances in the US stock market. Additionally, ETH witnessed a significant surge following the SEC’s decision to postpone an ETF, seen as a positive development.”
In the recent 24-hour period, Bitcoin’s market cap, the largest cryptocurrency globally, surged to \(1.311 trillion. Bitcoin’s dominance presently stands at 53.27%, as reported by CoinMarketCap. The trading volume of BTC decreased by 3.2% to \)24.26 billion in the last day.
Edul Patel, CEO of Mudrex, observed, “Bitcoin continued to trade above the \(66,000 level, with \)62,000 acting as a robust support level, indicating strong buying interest. A sustained breach above \(67,000 could potentially lead to a test of the \)68,500 resistance, while support remains firm at \(64,300. On the other hand, Ethereum is currently priced at \)3,200, gaining momentum to surpass \(3,650, with the next obstacle at \)3,302.”
In the realm of Altcoins, Solana emerged as one of the top performers, climbing 1.5% to $157 in the past 24 hours.
“Solana (SOL) has exceeded the \(150 resistance level, hinting at a potential upsurge. With consistent trading volumes, the next challenge is anticipated at \)161. SOL’s steady recovery indicates strong support, and a breakthrough above $161 could lead to substantial gains,” stated Rajagopal Menon, Vice President, WazirX.
(Disclaimer: Recommendations, suggestions, views, and opinions expressed by the experts are their own and do not necessarily reflect the views of The Economic Times)