AgenciesNew Delhi: The cryptocurrency markets were trading mixed on Wednesday ahead of the US CPI data later in the day. Bitcoin (BTC) rose 0.45% to $27,622, whereas Ethereum (ETH) was just below the $1,850 level.
Meanwhile, BTC volume in the last 24 hours stood at approximately $13.72 billion, falling 22.75% in the last 24 hours.
"Bitcoin traded sideways in the past 24 hours. BTC's price started to recover as the blockchain congestion eases. On the other hand, investors are awaiting the CPI inflation, which is set to be released today," Edul Patel, CEO and Co-Founder of Mudrex, said.
BTC is currently trading at the $27,600 level and facing resistance near the US$28,000 zone, Edul said.
The global cryptocurrency market cap was trading lower around $1.14 trillion, rising 0.41% in the last 24 hours.
The total volume in DeFi is currently 2.42 billion, 7.78% of the total crypto market’s 24-hour volume. The volume of all stablecoins is now $28.08 billion — 90.09% of the total crypto market’s 24-hour volume.
The market cap of Bitcoin, the world's largest cryptocurrency, was around $535 billion. Bitcoin’s dominance is currently 46.96%, an increase of 0.07% over the day, according to CoinMarketCap.
"Bitcoin, the leading cryptocurrency, faced considerable resistance around the $30.4K mark on April 14th, resulting in a noteworthy decline in its value. Projections indicate a potential further drop in the market, with expectations of a decline to around $25K," said Rahul Jain, Web3 Growth Manager at BNS.
Furthermore, if Bitcoin's price falls below the critical threshold of $23.9K, it is anticipated that the price will decrease even further, Rahul added.
Rajagopal Menon, Vice President at WazirX said, "Major market oscillators point to a neutral sentiment. The Relative Strength Index (14) sits at 43, with a neutral outlook. The Stochastic %K (14, 3, 3) at 15 and the Average Directional Index (14) at 17 indicate a Neutral outlook as well.
"The MACD Level (12, 26), at −107, indicates Sell. The Stochastic RSI Fast (3, 3, 14, 14) is Neutral at 1 and William's Percentage is Neutral at −86 as well" Menon added.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 12.28 hours, IST on May 10, 2023)
Bitcoin $27,622 0.45%
Ethereum $1,842 0.15%
Tether $1.00 -0.03%
BNB $312 -0.42%
XRP $0.4284 1.15%
Cardano $0.3628 0.02%
Dogecoin $0.07313 0.99%
Polygon $0.8764 -1.35%
Solana $20.62 0.49%
Polkadot $5.34 -0.44%
Tron $0.6926 1.09%
Litecoin $79.45 1.31%
Shiba Inu $0.000008928 1.93%
(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)
Meanwhile, BTC volume in the last 24 hours stood at approximately $13.72 billion, falling 22.75% in the last 24 hours.
"Bitcoin traded sideways in the past 24 hours. BTC's price started to recover as the blockchain congestion eases. On the other hand, investors are awaiting the CPI inflation, which is set to be released today," Edul Patel, CEO and Co-Founder of Mudrex, said.
BTC is currently trading at the $27,600 level and facing resistance near the US$28,000 zone, Edul said.
The global cryptocurrency market cap was trading lower around $1.14 trillion, rising 0.41% in the last 24 hours.
The total volume in DeFi is currently 2.42 billion, 7.78% of the total crypto market’s 24-hour volume. The volume of all stablecoins is now $28.08 billion — 90.09% of the total crypto market’s 24-hour volume.
The market cap of Bitcoin, the world's largest cryptocurrency, was around $535 billion. Bitcoin’s dominance is currently 46.96%, an increase of 0.07% over the day, according to CoinMarketCap.
"Bitcoin, the leading cryptocurrency, faced considerable resistance around the $30.4K mark on April 14th, resulting in a noteworthy decline in its value. Projections indicate a potential further drop in the market, with expectations of a decline to around $25K," said Rahul Jain, Web3 Growth Manager at BNS.
Furthermore, if Bitcoin's price falls below the critical threshold of $23.9K, it is anticipated that the price will decrease even further, Rahul added.
Rajagopal Menon, Vice President at WazirX said, "Major market oscillators point to a neutral sentiment. The Relative Strength Index (14) sits at 43, with a neutral outlook. The Stochastic %K (14, 3, 3) at 15 and the Average Directional Index (14) at 17 indicate a Neutral outlook as well.
"The MACD Level (12, 26), at −107, indicates Sell. The Stochastic RSI Fast (3, 3, 14, 14) is Neutral at 1 and William's Percentage is Neutral at −86 as well" Menon added.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 12.28 hours, IST on May 10, 2023)
Bitcoin $27,622 0.45%
Ethereum $1,842 0.15%
Tether $1.00 -0.03%
BNB $312 -0.42%
XRP $0.4284 1.15%
Cardano $0.3628 0.02%
Dogecoin $0.07313 0.99%
Polygon $0.8764 -1.35%
Solana $20.62 0.49%
Polkadot $5.34 -0.44%
Tron $0.6926 1.09%
Litecoin $79.45 1.31%
Shiba Inu $0.000008928 1.93%
(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)
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