A broader crypto market rally overstepped tech stocks amid risk-on mood sentiment. Bitcoin rose 10% and Ethereum gained 8% in 24-hour
In a good trade on Wednesday, Bitcoin (BTC) rose to the highest level since August, gaining for the second straight day amid a declining risk-averse market sentiment. While Ethereum (ETH) is also not far behind in printing gains following a broader recovery in the global crypto market.
The price rallied despite a mixed inflation report on Monday and a Senate Banking Committee hearing on the future of crypto regulation. Further, DBS Digital Exchange (DDEx), the crypto-trading subsidiary of Singapore bank DBS group holdings reported exponential growth in bitcoin trading in 2022 despite the crypto winter that wiped out investors’ capital.
As per Bloomberg, the exchange witnessed an 80% increase in Bitcoin trading volume compared to the previous year.
Bitcoin was trading at $24,584. The move pushed Bitcoin’s market cap to $468.9B of the total cryptocurrency market cap as per CoinMarketCap.
In addition, users and major brands flock to the OG blockchain. Bitcoin-based web wallet Xverse added support for Ordinals on Wednesday.
On the 4-hour chart, the Bitcoin price breaks all the resistance barricades and touched the mark of $24,895. However, some retracement is expected in the price as bulls look exhausted near the higher level amid an overbought RSI.
Any downtick in the indicator could be a bargain-buying opportunity for sidelined investors as the price could test the support around $24,270. Next. the market participants would aim for the psychological $25k.
The second major cryptocurrency, Ethereum (ETH) was trading at $1,677. The market cap soared to $207.31B. Technically speaking, the price has been consolidating in a broader range of $1,350-$1,700 since July 2022.
A weekly close above the 50-day EMA at $1,732 would see more gains pouring into the digital asset.
