Major coins traded higher on Wednesday evening, as the cryptocurrency market capitalization increased by 8.56% in the last 24 hours to $1.11 trillion.
| Cryptocurrency | Gains (+/-) | Price |
|---|---|---|
| Bitcoin | +11% | $24,616 |
| Ethereum | +8.90% | $1,688 |
| Dogecoin | +7.51% | $0.089 |
What Happened: The largest cryptocurrency by market value, Bitcoin BTC/USD, surged 11% within the past 24 hours and has breached the $24,000 level for the first time in two weeks. Ethereum ETH/USD was changing hands above $1,688, up 8.90% in the last 24 hours. Dogecoin DOGE/USD was up 7.51% over the previous 24 hours, trading at $0.089.
U.S. equities markets ended in the green on Wednesday, with the S&P 500 index rising 0.28%, and the tech-heavy Nasdaq Composite rising 0.92%.
See More: Best Crypto Day Trading Strategies
The recent surge in the crypto market comes despite investor worries regarding the regulation of stablecoins and the future monetary policy of the Federal Reserve to curb inflation.
Analyst Notes: “Bitcoin is starting the day initially higher despite broad risk aversion on U.S. data that suggests the economy could handle much more Fed tightening. Crypto traders are also learning more about proposed rule changes for which crypto firms can custody customer assets,” said Edward Moya, a senior market analyst at OANDA.
"It seems crypto regulation is about to get clearer and guidelines for qualified custodians will require being a registered-broker dealer, futures commission merchant, or trust/foreign financial institution. Bitcoin resilience is somewhat impressive here given the bond market volatility and steady flow of regulation headlines."
Crypto analyst Michaël van de Poppe said suggested buying the dip at $22,300 for potential long-term gains, adding that “we'll continue the upwards trend from here.”
Pseudonymous analyst Kaleo said, "Bitcoin reclaim is complete” and “$30,000+ is a magnet.”
Analyst Pentoshi said that the BTC candle is "just wow." As previously predicted by the analyst on Jan. 1, the high range of BTC this year could be between $28,000 to $32,000. “Have a feeling if we get there that's going to be a super tough spot.”
Read Next: Circle's Complaints About Binance's Reserve Mismanagement Lead To New York Regulator's Action
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
