Crypto Price Today: Bitcoin rises above $29,700 ahead of US inflation data; Shiba Inu, Solana surge up to 7%

economictimes.indiatimes.com:

BTC volume stood at approximately $18.1 billion, rising 34.35% in the last 24 hours. «Bitcoin’s price breached the $30000 mark in the early hours of today but consolidated to trading above the $29500 level. This movement could be because of the fall in Chinese trade numbers for July and the U.S. 10-year Treasury yield descending lower by 11 basis points to 3.98%,» Edul Patel, Co-founder and CEO at Mudrex, said. Other top crypto tokens, BNB, XRP, Dogecoin, Solana, Polygon, and Polkadot were also trading higher on Wednesday.

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Meanwhile, the global cryptocurrency market cap was trading higher, around $1.18 trillion, rising 1.49% in the last 24 hours. The market cap of Bitcoin, the world's largest cryptocurrency, was around $578 billion. Bitcoin's dominance is currently 48.93%, an increase of 0.12% over the day, according to CoinMarketCap. «BTC managed to break the $30k resistance level but failed to sustain the momentum, and is currently trading around $29.7k. Given its recent performance, BTC’s support level has been gradually increasing. If BTC continues to trade in a narrow range, it may find strong support at $29k itself in the coming weeks. This could provide a good base for a strong move that may follow,» Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, said. Rajagopal Menon, Vice President at WazirX, said, «Major market oscillators point toward a Buy sentiment. The Relative Strength Index