Bitcoin market cap back above $1 trillion in broad crypto rally
Bitcoin climbed past $51,000 in a broad cryptocurrency rally that saw Ether, the second-biggest token, advance back to where it was before the TerraUSD stablecoin collapsed almost two years ago.
Bitcoin's 21% year-to-date gain pushed its market capitalization above $1 trillion for the first time since December 2021, data from CoinGecko show. Ether rose 4.1% in London on Wednesday, and altcoins like Avalanche, Polkadot and Polygon also climbed.
A higher-than-expected US inflation print on Tuesday wasn't enough to derail the digital-asset recovery that began a little over a year ago and gained momentum in past months with the Securities and Exchange Commission's approval of Bitcoin ETFs. Even so, some analysts are cautioning that technical signals suggest the rally risks at least temporarily running out of steam.
Bitcoin showed «impressive resilience despite the overnight deterioration in risk sentiment,» Tony Sycamore, a market analyst at IG Australia Pty, wrote in a note. At the same time, separate technical analysis based on chart patterns signals the possibility of a temporary dip to the high $30,000s, he said.
Did you Know?
The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
View Details»Sector-specific factors have been supporting Bitcoin, including the debut of US exchange-traded funds dedicated to the token. The batch of products from the likes of BlackRock and Fidelity Investments have
Read more on economictimes.indiatimes.com
