Major coins were trading higher on Wednesday night, as the cryptocurrency market capitalization increased by 8.56% in the past 24 hours to $1.11 trillion.
| Cryptocurrency | Gains (+/-) | Price |
|---|---|---|
| Bitcoin | +11% | $24,616 |
| Ethereum | +8.90% | $1688 |
| Dogecoin | +7.51% | $0.089 |
What happened: The largest cryptocurrency by market capitalization, Bitcoin (CRYPTO: BTC), gained 11% in the last 24 hours and has breached the $24,000 level for the first time in two weeks. Ethereum (CRYPTO: ETH) has changed hands above $1,688, up 8.90% in the last 24 hours. Dogecoin (CRYPTO: DOGE) was up 7.51% in the last 24 hours, trading at $0.089.
US stock 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%.
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The recent surge in the crypto market comes despite investor concerns regarding the regulation of stablecoins and the future monetary policy of the Federal Reserve to curb inflation.
Analyst notes: “Bitcoin starts the day initially higher despite broad risk aversion on US data that suggests the economy can handle much more Fed tightening. Crypto traders are also learning more about proposed rule changes for which crypto firms can divest clients’ assets,” said Edward Moya, senior market analyst at OANDA. ?
“It appears that crypto regulation is becoming clearer and guidelines for qualified custodians will require being a registered broker-dealer, futures commission dealer or trust/foreign financial institution. Bitcoin resilience is somewhat impressive here given bond market volatility and smooth flow . of regulatory headings.”
Cryptanalyst Michael van de Poppe said suggested buying the dip to $22,300 for potential long-term gains, adding that “we will continue the uptrend from here.”
So far so good.
If you’re looking to get a listing, you’ll be looking at a case at $22.3K for longs.
I think we will continue the upward trend from here.
That’s why you buy the dips. And watched #Bitcoin. pic.twitter.com/GLLIVeyS1b
— Michaël van de Poppe (@CryptoMichNL) 15 February 2023
Pseudonymous analyst Caleo said, “Bitcoin recovery is complete” and “$30,000+ is a magnet.”
Restore completed.
Shipping in progress.
$30K+ is a magnet. pic.twitter.com/FsrEODV0Dc
— KALEO (@CryptoKaleo) 15 February 2023
Analyst Pentoshi said the BTC light is “just wow.” As previously predicted by the analyst on January 1, the high range of BTC this year could be between $28,000 to $32,000. “Have a feeling if we get there it’s going to be a super tough place.”
This light for $BTC is just
Wow
As mentioned on January 1st, I think the high range for this year is 28-32k. Have a feeling that if we get there it will be a super tough place pic.twitter.com/jAFKSsxd0T
— Pentoshi (@Pentosh1) 15 February 2023
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