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.
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.
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.
