Ethereum, Other Altcoins Outperform Bitcoin, As Apex Crypto Finds Footing Above $52,000

Bitcoin price (BTC) is trading 5.2% higher over 24 hours to press time at $52,254 late Wednesday. 

What’s Moving: When the world’s apex cryptocurrency shot above $51,000 late Tuesday it drained the momentum out of altcoins. As of press time, cryptocurrencies besides Bitcoin have found their momentum as well. 

Ethereum (ETH), the second-largest virtual currency by market capitalization, traded 6.8% higher at $1,904.8. Among other smart contract platforms-based cryptocurrencies,  Cardano (ADA) is up 6.8% at $0.91 and Polkadot (DOT) is up 3.7% at $31.95.

See also: Best Cryptocurrency Apps

Litecoin (LTC), a fork of Bitcoin, is up 9.3% at $233.36. The Graph (GRT) has surged 15.4% to $2.28.

Binance Coin (BNB), which backs the Binance cryptocurrency exchange, is up 28% at $166.27. 

Dogecoin (DOGE) remains muted, down 4% at $0.05, following Tesla Inc. TSLA CEO Elon Musk’s calls for whales to divest.

Several DeFi cryptocurrencies are outperforming Bitcoin over 24 hours, with UniSwap (UNI) up 10.2% at $21.91, Aave (AAVE) up 13.2% at $462.22, and Terra up 17.4% at $7.21. 0x traded 6.78% higher at $1.61 and SushiSwap (SUSHI) is up 8.94% at $16.56.

The total value locked in DeFi projects continues to rise, standing at $41.8 billion at press time, as per data from DeFi Pulse.

Why It’s Moving: The momentum in the cryptocurrency market is continuing based on rising institutional investor interest — a factor that analysts have considered key to this rally that took off last July.

Cryptoquant  CEO Ki-Young Ju noted a positive Coinbase Premium trend — even as Bitcoin traded above $50,000 — as a signal that the rally is likely to continue.

Microstrategy Inc MSTR said Wednesday it was upping the target for its debt offering from $600 million to $900 million to fund its purchase of Bitcoin.

Financial website The Motley Fool announced it was purchasing $50 million worth of Bitcoin.

TradingAnalysis.com founder Todd Gordon told CNBC Wednesday that Bitcoin's next resistance level won't come until at about $170,000. Meanwhile, JPMorgan thinks the current Bitcoin price is "unsustainable."

Read Next: Tesla $1.5B Bitcoin Purchase Was Facilitated By Soon-To-Go-Public Coinbase: Report

Posted In: 0xAaveBinance CoinBitcoincardanoDeFidogecoinEthereumLitecoinPolkadotSmart ContractsSushiSwapTerraThe GraphUniSwapCryptocurrencyIntraday UpdateMarketsMoversTrading Ideas

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.