Synopsis
The market cap of Bitcoin, the world’s largest cryptocurrency, was around $578 billion. Bitcoin’s dominance is currently 48.93%, an increase of 0.12% over the day, according to CoinMarketCap.
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Explore NowThe crypto tokens were trading higher in Wednesday’s trade ahead of key US inflation data. Bitcoin (BTC) rose 1.62% to $29,727, whereas Ethereum (ETH) was above the 1,850 level.
BTC volume stood at approximately $18.1 billion, rising 34.35% in the last 24 hours.
“Bitcoin’s price breached the $30000 mark in the early hours of today but consolidated to trading above the $29500 level. This movement could be because of the fall in Chinese trade numbers for July and the U.S. 10-year Treasury yield descending lower by 11 basis points to 3.98%,” Edul Patel, Co-founder and CEO at Mudrex, said.
Other top crypto tokens, BNB, XRP, Dogecoin, Solana, Polygon, and Polkadot were also trading higher on Wednesday.
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View Details »Meanwhile, the global cryptocurrency market cap was trading higher, around $1.18 trillion, rising 1.49% in the last 24 hours.
The market cap of Bitcoin, the world’s largest cryptocurrency, was around $578 billion. Bitcoin’s dominance is currently 48.93%, an increase of 0.12% over the day, according to CoinMarketCap.
“BTC managed to break the $30k resistance level but failed to sustain the momentum, and is currently trading around $29.7k. Given its recent performance, BTC’s support level has been gradually increasing. If BTC continues to trade in a narrow range, it may find strong support at $29k itself in the coming weeks. This could provide a good base for a strong move that may follow,” Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, said.
Rajagopal Menon, Vice President at WazirX, said, “Major market oscillators point toward a Buy sentiment. The Relative Strength Index (14), one of the key indicators, sits at 54, with a neutral outlook. The Stochastic %K (14, 3, 3) and the Average Directional Index (14) is at 62 and 15, respectively, further indicating a Neutral market.”
“The MACD Level (12, 26) at -90 indicates a Buy. The Stochastic RSI Fast (3, 3, 14, 14) is at 76 with a Neutral indicator, while the Williams Percent Range (14) at −30 signals Neutral,” Menon added.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 11.25 hours, IST on August 9, 2023)
Bitcoin $29,727 1.62%
Ethereum $1,856 1.27%
Tether $0.9995 0.06%
BNB $244 0.94%
XRP $0.6448 3.22%
Cardano $0.2981 1.99%
Dogecoin $0.07498 1.46%
Solana $24.4 5.03%
Polygon $0.6911 3.27%
Litecoin $84.04 1.64%
Polkadot $5.05 1.43%
Tron $0.07659 -0.22%
Shiba Inu $0.000009627 7.07%
(Note: Price change in last 24 hours)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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