Cryptocurrencies edged higher on Wednesday. "On Tuesday, most cryptocurrencies saw an increase in value following the release of the latest U.S. inflation report, which came in lower than anticipated," said Edul Patel, CEO and Co-Founder of Mudrex. The global crypto market cap stood at $871 billion, with a volume of $53.3 billion in the past 24 hours. Bitcoin and Ethereum reached their monthly highs, with the price of BTC rising above $17,700 and the price of ETH rising above $1,300.
Bitcoin | The world’s largest and most popular virtual currency, Bitcoin, rose nearly four percent to $17,827.6. Its market value stood at $342.2 billion. The trade volume was at $26.6 billion.
“BTC’s next resistance level is $18,100, followed by $18,500. Its support level is currently at $17,500,” said Edul Patel, CEO and Co-Founder of Mudrex.
Ethereum | The second largest virtual currency, Ethererum or Ether, jumped 4.2 percent to nearly $1,323.8 with a market capitalisation of $161.6 billion. The trade volume of Ethereum was $8.9 billion in the last 24 hours.
On Ethereum, Patel said, “Ethereum’s price also showed signs of stability, breaking above its resistance level, indicating that buyers are ready to move back in after a recovery period. The next resistance level for ETH is $1,160, with its support level currently at $1,420.”
Dogecoin | Meme-based virtual currency, Dogecoin, rose 1.8 percent on Wednesday. Its market value stood at $12.1 billion. The trade volume was at $735.6 million.
Solana | Solana jumped 6.2 percent to $13.9 with a market capitalisation of $5.1 billion. The trade volume of Solana was $318.8 million in the last 24 hours.
Shiba Inu | Shiba Inu rose 4.2 percent with a market capitalisation of $5.1 billion. The trade volume was $171.1 million in the last 24 hours.
Polygon | Polygon rose 2.6 percent to $0.9 with a market capitalisation of $8.1 billion. The trade volume was $428.7 million in the last 24 hours.
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Post expires at 3:49pm on Wednesday March 15th, 2023