Top Cryptocurrencies See Gains Ahead of Key Economic Data
Bitcoin and other leading cryptocurrencies showed strength on Wednesday, with the market exhibiting positive price action. This development came as the market awaited key economic data expected later in the week. The resurgence in Bitcoin’s price was particularly notable, as it gained over 2 per cent to surpass the $29,500 mark.
Bitcoin and Ethereum Perform Well
Bitcoin’s performance was complemented by Ethereum’s upward trajectory, which saw the second largest cryptocurrency trading higher by over 1 per cent. Despite this, Ethereum was unable to break past the $1,850-level. Alongside Bitcoin and Ethereum, major altcoins also experienced gains during the day.
Price Movement and Factors Affecting the Market
Bitcoin’s price surged past $30,000 before settling above the $29,500 level. An analyst suggested that this shift may have been influenced by China’s reduced trade figures for July and a drop in the US 10-year Treasury yield. Several other cryptocurrencies, including Solana, Shiba Inu, Hedera, and TonCoin, also experienced gains as Ethereum continued to trade within the $1,800-$1,900 range.
Mixed Performance Among Cryptocurrencies
While the majority of top cryptocurrencies recorded gains, some exceptions were observed. Shiba Inu and Solana gained more than 5 per cent each, while Polygon gained 4 per cent. XRP rose 3 per cent, and Cardano, Polkadot, and Litecoin added 2 per cent each. However, some cryptocurrencies, such as Bitcoin Cash and Tron, experienced losses of about a per cent each.
Market Cap and Trading Volumes
The global cryptocurrency market cap saw a significant increase, reaching the $1.19 trillion mark, reflecting a 2 per cent rise over the past 24 hours. In addition, total trading volumes surged by approximately 13 per cent to reach $36.67 billion.
Tech View by Giottus Crypto Platform
The tech view from Giottus Crypto Platform analyzed Polygon (MATIC), which exhibited positive movement following wider market sentiment, particularly in response to Paypal’s announcement of a new stablecoin. The asset showed signs of recovery, indicating a potential breakout from the descending channel. The analysis suggested that if successful, MATIC could reach the key 100-day moving average around the $0.80 area.
Price Levels and Recommendations
The analysis also provided support and resistance levels for MATIC, with the most recent low serving as an early support level. It highlighted the importance of breaking through the $0.75 barrier to avoid a potential price fall. The analysis concluded with a reminder to consult a financial adviser before taking a position in the asset.
Conclusion
Overall, Wednesday’s market performance showcased positive movement for leading cryptocurrencies, with Bitcoin’s resurgence and the broader market’s gains setting the stage for potential further developments as the week progresses.
I have been a full-time professional writer for over 10 years, and have written for some of the biggest publications in the world. My work revolves around cryptocurrencies and blockchain technology, and I am widely considered to be one of the leading experts in these fields.I have written two books on the subject matter, and my articles have been featured in major news outlets such as The Wall Street Journal, Forbes, and Huffington Post. In addition to writing, I also give talks and seminars on cryptocurrency investing, and am a regular commentator on CNBC, Bloomberg, and other financial news networks.
