At 11:49 am IST, Bitcoin’s value was recorded at $96,777, reflecting a 1.5% increase. The day’s high reached $97,739. Concurrently, Ethereum experienced a 1.6% rise, with its trading price at $3,452.
Other noteworthy altcoins also registered substantial gains. XRP showed a 3.6% increase, Solana grew by 2.7%, Cardano jumped impressively by 11.5%, and Stellar gained 9%. The overall cryptocurrency market capitalization increased by roughly 1.5%, reaching a total of $3.41 trillion.
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“Bitcoin is continuing its positive trend, trading close to $97,000. Other significant altcoins, including Ethereum, Solana, and Stellar, are also demonstrating similar upward movement. The Fear-Greed Index is climbing, indicating a more optimistic outlook among investors,” stated Edul Patel, CEO of Mudrex.
“Currently, Bitcoin faces immediate price resistance around $98,400, with a support level at $95,000,” added Patel.
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Shivam Thakral, CEO of BuyUcoin, noted, “The market has seen a substantial surge in the value of Bitcoin and many altcoins, driven by growing institutional investment in U.S. spot Bitcoin exchange-traded funds (ETFs). These ETFs are approaching a key landmark, needing just $2.2 billion to surpass $110 billion in total holdings, which accounts for over 5.7% of the entire Bitcoin supply.”
The combined value of all stablecoins is presently $108.1 billion, representing 92% of the total 24-hour trading volume in the crypto market, based on data from CoinMarketCap.
Over the past day, the market capitalization of Bitcoin, the world’s largest cryptocurrency, increased to $1.913 trillion. Bitcoin currently accounts for 56.22% of the total cryptocurrency market, according to CoinMarketCap. BTC trading volume over the last 24 hours rose significantly by 41.6% to reach $41.3 billion.
(Disclaimer: The recommendations, suggestions, views, and opinions expressed by the experts are their own. They do not reflect the views of The Economic Times.)