SUMMARY
Major cryptocurrencies moved lower on Wednesday. Bitcoin held ground above $20,000 despite losses. The global crypto market cap stood at $1 trillion, with a volume of $74.4 billion in the past 24 hours. The crypto market’s recent sideway price actions are related to the upcoming macroeconomic events across the global markets, according to Edul Patel, CEO and co-founder of Mudrex.
1 / 8Bitcoin | The world’s largest and most popular virtual currency, Bitcoin, fell 0.4 percent to $20,498.1. The tokens market value stood at $393.8 billion. The trade volume was at $39.7 billion.
2 / 8“If the BTC can maintain a steady gain above the $20,500 level, the next resistance would be at the $21,000 level. If it fails to retain the gains, we might see BTC falling to the $20,000 level,” said Edul Patel, CEO and co-founder of Mudrex.
3 / 8Ethereum | The second largest virtual currency, Ethererum or Ether, fell 0.9 percent to $1,584.3 with a market capitalisation of $193.4 billion. The trade volume of Ethereum was $14.4 billion in the last 24 hours.
4 / 8Dogecoin | Meme-based virtual currency, Dogecoin, jumped 8.5 percent on Wednesday. Its market value stood at $18.2 billion. The trade volume was at $7.8 billion.
5 / 8On Dogecoin, Patel said, “Dogecoin remained the biggest gainer on Tuesday, gaining more than 13 percent over the previous day. However, there are fewer chances that the coin would rise further as it has already grown a lot until now.”
6 / 8Solana | Solana fell 2.8 percent to $32 with a market capitalisation of $11.5 billion. The trade volume of Solana was almost $740 million in the last 24 hours.
7 / 8Shiba Inu | Shiba Inu rose 1.5 percent with a market capitalisation of $6.9 billion. The trade volume was $949.6 million in the last 24 hours.
8 / 8Polygon | Polygon fell 4.9 percent percent to $0.9 with a market capitalisation of $7.5 billion. The trade volume was $316.2 million in the last 24 hours.
