Cryptocurrencies- Market Updates: The price of Bitcoin, the biggest and most well-known digital token in the world, was trading over 4 percent higher Wednesday at USD 16,463, regaining the USD 16,000 level. However, the second-largest cryptocurrency, Ether, which is connected to the Ethereum blockchain, also increased by more than 5 percent to USD 1,159.
"In the previous 24 hours, Bitcoin, Ethereum, and the majority of cryptocurrencies saw a market-wide recovery with modest gains, rebounding from their yearlong lows. At USD 15,932, the price of Bitcoin has remained above the resistance level. BTC will probably trade above USD 16,300 in the near future if bulls can maintain the advantage they have today. Ethereum, on the other hand, bounced off the level even though it fell to its lowest level at USD 1,074. The decline may have occurred because several institutional investors aggressively used ETH to increase liquidity during the current market crisis. By the end of the day, ETH might trade at the USD 1,200 level if bulls can keep it above the present level, according to Edul Patel, CEO and Co-Founder of Mudrex.
Despite rising almost 4 percent in the previous 24 hours to USD 855 billion, the global crypto market valuation today remained below the USD 1 trillion threshold, according to statistics from CoinGecko.
Shiba Inu was up more than 6 percent at USD 0.000008 while Dogecoin was trading over 8 percent higher at USD 0.07. Other cryptocurrency values performed better today as well, with advances seen in the prices of Binance USD, Avalanche, Tether, Terra, Stellar, Polkadot, Solana, Uniswap, ApeCoin, Tron, Polygon, XRP, Cardano, Chainlink, and Litecoin during the past 24 hours.
This month saw a steep decline in cryptocurrency values following Sam Bankman-FTX Fried's empire's demise. Investors are now keeping an eye on other cryptocurrency businesses to see how far the virus may spread. Genesis, a digital asset brokerage, issued a bankruptcy warning in the event that it is unable to raise money. BlockFi Inc., a cryptocurrency lender, is likewise having difficulty surviving. According to a Glassnode research, money has been pouring out of exchanges as investors seek the security of self-custody.
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