On Wednesday, the cryptocurrency market experienced a price surge, with BTC, DOGE, ETH, SOL, and other major altcoins all seeing gains. The bullish trend was seen as a continuation of the recent upward trend in the cryptocurrency market, which has seen prices steadily rise in recent weeks.
According to Coin Market, the global crypto market cap stood at 1.07 trillion as of Wednesday, a .84% increase over the last week. This increase in the market cap can be attributed to the strong performance of several cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin, which have all seen significant gains in recent days.
In addition to the increase in market cap, the total market volume also increased by 3.58% to $47 billion in the last 24 hours. This surge in trading activity is seen as a positive sign for the cryptocurrency market, as it suggests that investors are increasingly bullish on the future of digital assets.
Bitcoin and Ethereum
In the market watch section, Bitcoin’s price rose 1.48% to $23,788.87 on Wednesday. Despite the uptick, Bitcoin’s performance is still in the red zone compared to last week. The price dropped to $23,088 earlier in the day but gained later in the morning session to $23,788.
Meanwhile, Ethereum’s trading volume rose by 1.16% to consolidate at $22.5 billion, at 42.3% per share. However, the price of Ethereum saw a 1.31% rise to hit $1,650.43, marking consecutive days of trading in the red zone. During early morning trading, the price dipped to $1,603 but recovered as the morning drew to a close, ending at $1,650. Ethereum’s dominance in the market currently stands at 18.7%.
Moving on to other altcoins, Solana saw a modest increase of 0.73% at the start of the day, reaching $22.58 in the 24-hour trading session. Ripple also experienced an uptick of 0.83% to reach $0.3799, despite a drop in its trading volume.
On the other hand, Cardano was down by 0.89% at the start of the day, trading at $0.3621. Binance Coin (BNB), on the other hand, added 0.71% to hit $306.
The performance of these altcoins reflects the current state of the cryptocurrency market, in which volatility and fluctuations in price have been marked. While some cryptocurrencies have seen significant gains recently, others have struggled to maintain value amidst changing market conditions.
In meme coins, Dogecoin rose by 0.32% to start at $0.0823, with its 24-hour trading volume rising by 15%. Shiba Inu, on the other hand, dipped by 1.04% to $0.00001236. While meme coins can be highly volatile and risky, they attract a significant following among retail investors looking for a fun and speculative investment opportunity.