Synopsis
Major cryptocurrencies saw modest gains on Wednesday, with Bitcoin, Solana, and Cardano leading the rise. Bitcoin touched Rs 64,800 earlier today. The global crypto market cap increased 0.45% to $2.24 trillion. Experts expect further gains in the crypto market due to the global shift towards monetary easing.
Major cryptocurrencies saw modest gains on Wednesday, with Bitcoin, Solana, and Cardano leading the rise. The global cryptocurrency market cap edged up by 0.45% to $2.24 trillion over the last 24 hours.
As of 12:27 PM IST, Bitcoin was trading 0.4% higher at Rs 63,824, while Ethereum dipped 0.9% to Rs 2,624. Earlier today, Bitcoin briefly touched Rs 64,800.
“Bitcoin has shown remarkable resilience and growth, surging nearly 2% in the last 24 hours to reach approximately $64,300, a level not seen since early August. The global shift towards monetary easing, especially with China joining other major economies in loosening policies to counter economic slowdown, is largely responsible for this upward momentum,” said Shivam Thakral, CEO of BuyUcoin.
Crypto Tracker
TOP COIN SETSNFT & Metaverse Tracker15.47% BuySmart Contract Tracker10.36% BuyDeFi Tracker8.98% BuyBTC 50 :: ETH 506.75% BuyCrypto Blue Chip – 55.86% BuyTOP COINS (₹) Solana12,571 (1.31%)BuyTether84 (0.01%)BuyBitcoin5,337,901 (-0.04%)BuyEthereum219,597 (-1.33%)BuyBNB49,925 (-1.36%)Buy”This significant break above $64,000 may create a more bullish market structure for Bitcoin, improving investor confidence and possibly drawing in new institutional investors,” Thakral added.
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The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
View Details »Avinash Shekhar, Co-Founder & CEO of Pi42, noted that “China’s announcement of rate cuts is fueling bullish momentum in the crypto market.”
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Among altcoins, Solana (up 1.75%), Dogecoin (up 0.7%), Toncoin (up 0.8%), Cardano (up 3.5%), and Shiba Inu (up 2.1%) also surged. On the other hand, Ethereum, BNB, Tron, and NEAR Protocol posted declines of up to 1%.
Over the past 24 hours, Bitcoin’s market capitalization rose to $1.261 trillion, with its dominance at 56.31%. BTC trading volume rose by 11% to $29.58 billion, while stablecoins accounted for $69.3 billion of this volume, or 91.53%, according to .
“BTC remains bullish, but with over $10 billion in high-leveraged short positions at the $72K liquidation level, we could see volatility and a possible rejection or pullback around that area. Notably, the upcoming US GDP quarterly data release tomorrow is a key event to watch for the week,” said the CoinDCX Research Team.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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