Bitcoin hits USD 28,500; Ethereum surpasses USD 1,800; Cardano and Polygon climb by up to 8% in today's cryptocurrency price
As a short squeeze drives up the price of bitcoin, the main cryptocurrencies are starting the day's trading in the green. The markets are rising as a result of good news flow from international institutions. However, traders will be eagerly awaiting remarks made later in the day by US Fed chairman Jerome Powell.
The largest cryptocurrency token, Bitcoin, which has been leading the pack in terms of gains, increased by as much as 7% to surpass the USD 28,500 level. Its biggest rival, Ethereum, was also up after rising by approximately 5% and taking back the USD 1,750 mark. Other alternative coins had somewhat stronger price movement.
Following Deutsche Bank's application for a licence to offer cryptocurrency custody services, the majority of cryptocurrencies experienced a spike. Particularly Bitcoin demonstrated power as it passed the USD 28,500 threshold, a level not reached in the previous two weeks. According to Edul Patel, co-founder and CEO of Mudrex, BTC broke past a critical resistance level on Tuesday, signalling a positive trend.
According to recent filings by BlackRock and Fidelity Investments for a spot Bitcoin ETF, the main factor causing this increase appears to be the growing institutional interest in Bitcoin. The current support level for BTC is about USD 28,450, while the resistance levels are USD 29,000 and then USD 30,000. The market is showing an optimistic view overall, he said.
Top cryptocurrency tokens had significant price increases on Wednesday, with Cardano surging 8% and Litecoin and Polygon both increasing by 6%. BNB gained 4% in the early going, while Polkadot and Solana both increased by 5%.
The market capitalization of all cryptocurrencies was trading considerably higher, crossing the USD 1.13 trillion barriers as it increased by more than 5% over the previous day. The entire trade volume did, however, increase by approximately 60% to USD 44.37 billion.
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