Cryptocurrency Market Update: Bitcoin (BTC) Stable at $66,000, Altcoins in the Greens
The cryptocurrency market saw a mix of gains and losses on Wednesday, with Bitcoin (BTC) holding steady at around $66,000 for the second consecutive day. Other popular altcoins like Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) also experienced positive movements, with the overall Market Fear & Greed Index indicating a sentiment of greed among investors.
The global crypto market cap stood at $2.46 trillion, with a 24-hour gain of 0.51 percent. Bitcoin’s price was at $66,763.54, while Ethereum was trading at $3,248.07. Dogecoin, Litecoin, and Ripple also saw positive movements in their prices.
Hedera (HBAR) emerged as the biggest gainer of the day, with a jump of over 92 percent, while BEAM experienced the biggest loss with a dip of over 9 percent.
Crypto exchanges and experts shared their insights on the current market scenario. Mudrex co-founder and CEO Edul Patel highlighted the strong support level for Bitcoin at $62,000, while CoinSwitch Markets Desk noted the potential bullish phase for Bitcoin as it reaches its highest 200-day average price in over 2 years.
Rajagopal Menon, Vice President of WazirX, mentioned the potential for Bitcoin to surge towards $68,000 and $70,000, while Shivam Thakral, CEO of BuyUcoin, discussed the impact of the Mt. Gox payout on Bitcoin’s volatility.
Overall, the market showed positive movements, with Ethereum demonstrating strong performance and altcoins like Bonk and Pepe leading the way. However, readers were advised to exercise caution and seek expert advice before making any investments in the volatile cryptocurrency market.
