The cryptocurrency markets experienced a little increase during Wednesday’s trading session, led by Bitcoin, Ethereum, Tron, and BNB.
The global cryptocurrency market cap experienced a 0.67% surge, reaching around $1.65 trillion within the last 24 hours.
While Ethereum performed better, rising 2.34% to $2,365, as of 11:26 am, Bitcoin was trading 0.65% higher at $43,016, down from its opening price.
Other altcoins such as BNB, Solana, Dogecoin, Tron, Polkadot, Polygon, and Litecoin also saw gains of up to 3%. However, XRP, Cardano, Chainlink, Toncoin, Shiba Inu, and Internet Computers experienced declines.
According to the CoinDCX Research Team, the crypto market maintained stability, with Ethereum exhibiting stronger performance compared to Bitcoin. The rising ETH/BTC pair indicated Ethereum’s resilience.
Crypto Trading Volume Dynamics
While Bitcoin remained below the crucial resistance zone of $44,000-$45,000, Ethereum approached the upper boundary of its range at $2,380, holding just below it. Additionally, Ethereum was trading above the 20 and 50 Exponential Moving Averages (EMA), signaling positive momentum, as reported by CoinDCX.
CoinSwitch Markets Desk noted Ethereum’s strength in the past 24 hours, reaching a 16-day high, with its layer-2 solutions like OP and ARB following suit. This suggests a potential layer-2 rally if Ethereum continues to gain momentum.
In terms of trading volume, the total volume in DeFi stood at $3.87 billion, constituting 8.48% of the total crypto market’s 24-hour volume. Stablecoins dominated the market, with a volume of $41.83 billion, accounting for 91.65% of the total crypto market’s 24-hour volume, according to CoinMarketCap data.
Over the past 24 hours, Bitcoin’s market cap surged to $842 billion, with its dominance currently at 51.04%, as reported by CoinMarketCap. However, Bitcoin’s volume in the same period declined by 5% to $17.2 billion.
Despite Bitcoin consolidating above the $42,500 support zone, it remains below the resistance level of $43,500, suggesting a lack of momentum for a significant upward movement. A breach below the support level could lead to bearish momentum in the market.
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