“Bitcoin has been forming higher lows and higher highs, which may be an indication of a bullish trend. The 50-day moving average has crossed above the 200-day moving average, which could be a signal of a bull market. Additionally, the relative strength index (RSI) remains in the bullish territory above 50, indicating that there is still buying pressure in the market,” Rajagopal Menon, Vice President at WazirX said.
Other top crypto tokens were also trading higher on Wednesday. Cardano rose 4.32%. XRP, Dogecoin, Polygon and Litecoin were also trading with gains.
The global cryptocurrency market cap was trading lower around $1.05 trillion, rising 1.01% in the last 24 hours.
The total volume in DeFi is currently $3.97 billion, 8.60% of the total crypto market 24-hour volume. The volume of all stablecoins is now $42.09 billion, which is 91.15% of the total crypto market 24-hour volume.
The market cap of Bitcoin, the world’s largest cryptocurrency, hovered around $446.40 billion, with a dominance of about 42.41%, an increase of 0.09% over the day, according to CoinMarketCap.
“On Tuesday, Bitcoin and Ethereum remained confined within a narrow range as investors awaited the verdict of the U.S. Federal Reserve on interest rate hikes and the Union Budget of India. Ethereum was trading at the US$1,580 level and bounced back from its previous lows. The next target for Ethereum would be to reach the US$1,600 level,” Edul Patel, CEO and Co-Founder of Mudrex said.Crypto Cart: Quick (Source: coinmarketcap.com, data as of 10.54 hours, IST on February 01, 2023)
Bitcoin $ 23,163 1.29%
Ethereum $1,584 0.81%
Tether $1 0.01%
BNB $311.03 -0.71%
XRP $0.4062 3.77%
Dogecoin $0.09267 0.71%
Cardano $0.3873 4.28%
Polygon $1.11 1.16%
Polkadot $6.26 0.59%
Tron $0.06221 -0.93%
Litecoin $96.95 2.21%
Shiba Inu $0.00001173 0.29%
Solana $23.95 -0.45%
(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)
