The cryptocurrency markets were traded marginally higher in Wednesday’s trade, led by Bitcoin, Ethereum, Tron, and BNB. The global cryptocurrency market cap surged 0.67% to around $1.65 trillion in the last 24 hours.

At 11:26 a.m., Bitcoin was trading 0.65% higher at $43,016, while Ethereum was up 2.34% at $2,365. Other altcoin such as BNB, Solana, Dogecoin, Tron, Polkadot, Polygon, and Litecoin rose up to 3%. While XRP, Cardano, Chainlink, Toncoin, Shiba Inu, and Internet Computer declined.

The crypto market stayed stable, with ETH showing stronger performance compared to BTC, as indicated by the rising ETH/BTC pair, said CoinDCX Research Team.

“BTC continued to hover below the crucial resistance zone of $44,000-$45,000, remaining in a consolidation phase.ETH, on the contrary, approached the upper boundary of its range at $2,380, currently holding just below it. It’s also above the 20 and 50 Exponential Moving Averages (EMA), which is a positive signal,” CoinDCX said.

Meanwhile, CoinSwitch Markets Desk, said, “Ethereum (ETH) has shown strength in the last 24 hours, as it reached its 16-day high with its top layer-2s like OP and ARB following suit. This could also be an indication of a layer-2 rally that might come if ETH pumps further from here.”The total volume in DeFi is currently $3.87 billion, 8.48% of the total crypto market 24-hour volume. The volume of all stablecoins is now $41.83 billion, which is 91.65% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, surged to $842 billion. Bitcoin’s dominance is currently 51.04%, according to CoinMarketCap. BTC volume in the last 24 hours declined 5% to $17.2 billion.”BTC is currently consolidating above the $42,500 support zone. However, it remains below the resistance level of $43,500, indicating a potential lack of momentum for a significant upward movement. A close below the support level may lead to bearish momentum,” said Edul Patel, CEO of Mudrex.

Sathvik Vishwanath, Co-Founder & CEO of Unocoin, said, “Technical analysis shows Bitcoin facing resistance at $42,895 and support at $41,444, with RSI indicating balance and MACD indicating bearish pressure. Overall, Bitcoin’s cautious market stance suggests optimism above $42,200, signaling potential upside momentum if it sustains or breaks through.”

(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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