Early on Wednesday, digital gold edged higher. At the moment of writing, BTC is seen hovering at $20,627.
Early on Wednesday, digital gold edged higher. At the moment of writing, BTC is seen hovering at $20,627.
According to CoinMarketCap, a website tracking the price of digital assets, bitcoin hovered between $20,348 and $19,261 yesterday. Overall, the coin added 5% on Tuesday.
This month, the flagship cryptocurrency used to consolidate in the $18,500–$20,300 range. However, in recent days experts noticed the potential formation of double support in the crypto market. Should bitcoin break through the mark of $20,300 and extend growth, along with noticeable trading volumes, this would be a clear bullish signal for BTC, analysts suggest.
Altcoin market
Ethereum, bitcoin's main rival, went up earlier today as well. At the moment of writing, ETH is seen trading at $1,485.
As for the top 10 cryptocurrencies by market capitalization, all coins, except for XPR, traded in the green zone yesterday, with ether leading the way (+10.66%).
Last week, ETH was also the best performer among the 10 cryptocurrencies by market capitalization, gaining 13.65%. Meanwhile, XRP, which lost 0.42%, was the list's worst performer.
This week, all the top 10 cryptocurrencies by market capitalization are scoring gains. At the same time, the former bearish resistance turned into important support for them. In light of those facts, many analysts forecast a bullish rally for popular coins in the crypto market in the next four months.
According to the world's largest virtual asset data aggregator, CoinGecko, over the past 24 hours, Aptos showed the worst performance, losing 4.98%, while the Toncoin coin showed the best results, gaining 23.10%, among the top 100 digital assets by market capitalization.
Last week, Axie Infinity (-16.19%) was the worst performer among the top 100 strongest digital assets, while Toncoin (+43.98%) showed the best performance.
Based on the CoinGecko data, the total crypto market capitalization exceeded $1 trillion on Wednesday morning. Yesterday, it grew by about 5%.
Since last November, when the daily crypto market capitalization was above $3 trillion a day ($3.08 trillion), it has more than tripled.
At the same time, the total trading volume of virtual coins over the past 24 hours reached $77.3 billion, with BTC (38.1%) and ETH (17.6%) seen as the main contributors.
