Synopsis
The cryptocurrency markets were trading mixed on Wednesday on weak global cues amid debt ceiling negotiations in the US. Bitcoin, Ethereum, and BNB were trading with cuts, while XRP, Dogecoin, and Litecoin were trading with gains. Bitcoin’s dominance is currently 46.35%, a decrease of 0.27% over the day, according to CoinMarketCap.
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Explore NowNew Delhi: The cryptocurrency markets were trading mixed on Wednesday on weak global cues amid debt ceiling negotiations in the US. XRP, Dogecoin, and Litecoin were trading with gains, while Bitcoin, Ethereum, and BNB were trading with cuts.
Bitcoin (BTC) fell 1.39% to $26,851, whereas Ethereum (ETH) was just above the $1,800 level. BTC volume in the last 24 hours stood at approximately $12.14 billion, falling 2.93% in the last 24 hours.
“Bitcoin traded flat in the past 24 hours as investors might be closely monitoring the attention on the debt ceiling negotiations in Washington. BTC has been seen changing hands between US$26,800 and US$27,400 levels,” Edul Patel, Co-founder and CEO at Mudrex, said.
The total volume in DeFi is currently 2.11 billion, 7.45% of the total crypto market 24-hour volume. The volume of all stablecoins stood at $25.79 billion, which is 91.17% of the total crypto market 24-hour volume.
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View Details »The global cryptocurrency market cap was trading lower around $1.12 trillion, falling 0.84% in the last 24 hours.
The market cap of Bitcoin, the world’s largest cryptocurrency, was around $520 billion. Bitcoin’s dominance is currently 46.35%, a decrease of 0.27% over the day, according to CoinMarketCap.
“Bitcoin, currently priced between $26,950 and $27,095, faced pressure on Tuesday amid mixed market sentiment. The $26,800 support level, formerly resistance, now acts as a potential turning point,” Sathvik Vishwanath, Co-Founder & CEO of Unocoin, said.
“Technical indicators such as RSI and MACD indicate a favourable buying zone. If Bitcoin holds above $26,800, a bullish bounce to $27,800 or $27,500 is likely. However, the 50-day EMA around $27,500 acts as a significant barrier, indicating bearish sentiment prevailing in the market,” Sathvik added.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 13.33 hours, IST on May 17, 2023)
Bitcoin $26,851 -1.39%
Ethereum $1,805 -0.89%
Tether $1.00 -0.02%
BNB $309 -1.12%
XRP $0.4484 5.36%
Cardano $0.3666 -0.54%
Dogecoin $0.07258 0.48%
Polygon $0.8509 -1.48%
Solana $20.54 -2.30%
Litecoin $91.37 2.98%
Polkadot $5.28 -0.29%
Tron $0.0707 0.16%
Shiba Inu $0.000008694 -1.41%
(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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