The global crypto market gained marginally on Wednesday. The total market cap was up by 0.66 per cent to $1.65 trillion, while the total trading volume was up by 7.45 per cent to $46.07 billion. Dymension DYM was the most trending cryptocurrency as well as top gainer. It was up by 30.99 per cent to $5.23. Its 24-hour trading volume was $426.71 million. Monero XMR was the top loser, down by 23.41 per cent. Its 24-hour trading volume was $127.00.
Sathvik Vishwanath, Co-Founder & CEO, Unocoin said that "Bitcoin hit a dip below $43,000 amid swings in the US market, but held resiliently above $42,000, fueled by "buy the dip" sentiment. Despite rising US Treasury yields and Powell's remarks tempering rate cut expectations, Cathie Wood's bullish outlook crediting Bitcoin as "digital gold" boosts investor confidence.
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Conversely, the looming Hong Kong crypto exchange licensing deadline introduces initial uncertainty, but underscores growing regulatory acceptance, potentially bolstering Bitcoin's legitimacy.
Technical analysis highlights resistance at $42,895 and support at $41,444, with balanced RSI and slightly bearish MACD.
Overall, Bitcoin's cautious market stance suggests optimism above $42,200, signaling potential upside momentum if sustained or breached."
DeFi was up by 0.35 per cent to $3.90 billion, Coinmarketcap.com reported.
Cryptocurrency Prices
Bitcoin: Bitcoin BTC was up by 0.54 per cent to $42,919.87. Its 24-hour trading volume was $17.30 billion. It is currently ranked number 1 on Coinmarketcap, based on market cap. Bitcoin’s market dominance was 51.1 per cent.
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Ethereum: Ethereum ETH was up by 2.21 per cent to $2,360.77 from the previous day. Its 24-hour trading volume was $9.82 billion. Ethereum’s market dominance was 17.2 per cent.
Tether: Tether USDT was trading at $0.9994, up by 0.04 per cent. Its 24-hour trading volume was $32.54 billion. It is ranked third on Coinmarketcap.
Other Altcoins
Solana SOL was up by 0.44 per cent to $95.66 Its 24-hour trading volume was $16.85 billion.
Avalanche AVAX was trading at $34.05, down by 0.13 per cent. Its 24-hour trading volume was $366.65 million.
Cardano ADA was down by 0.47 per cent to $0.4887 from the previous day. Its 24-hour trading volume was $274.78 million.
Meme Coins
Dogecoin DOGE was up by 0.29 per cent, with a 24-hour price of $0.07835.
Shiba Inu SHIB was down by 0.65 per cent to $0.000008833.
Decentralised Finance
DeFi coin was trading at $0.04604, the same as yesterday.
Yearn.Finance YFI was up by 0.92 per cent to $7,092.06 in the last 24 hours. Its 24-hour trading volume was $47.67 million.