On Wednesday, the price of Bitcoin experienced a 3.04 percent increase following a period of losses in the days leading up to it. With this small boost in value, Bitcoin has increased from its previous price of $24,152 to $25,937. This indicates that Bitcoin’s value has increased by $1,785 in the last day.
The cryptocurrency price chart’s profitable side saw the addition of Ether on Wednesday, joining Bitcoin. The price of ETH has increased by 2.72 percent to $1,596. ETH’s price increased by $41 in the previous day.
“This upward price movement may be a result of fresh interest in the Bitcoin Spot ETF race after asset management behemoth Franklin Templeton submitted an application to the US Securities and Exchange Commission. This noteworthy submission was made at the same time that the number of wallets holding 0.1 BTC reached a record high of 12 million yesterday, signalling a swing in the market’s attitude in the right direction. According to Edul Patel, co-founder and CEO of Mudrex, this might show that market players are becoming more confident in Bitcoin.
Several cryptocurrencies managed to turn a profit today after posting tiny but noticeable losses the day before.
These digital currencies include Ripple, Cardano, Dogecoin, Solana, and Polkadot, in addition to Binance Coin.
Along with Avalanche, Chainlink, Monero, and Uniswap, other cryptocurrencies that have seen modest gains today include Polygon, Litecoin, Shiba Inu, Bitcoin Cash, and Leo.
According to CoinMarketCap, the global value of the cryptocurrency industry increased by 2.24 percent in the last day, reaching $1.03 trillion.
The anticipated inflation statistics will be released today along with the FTX court hearing. This time, a YoY gain of 3.6 percent is predicted, which is higher than the prior 3.2 percent. According to Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, “increased inflation can be another adverse catalyst that the crypto market would have to overcome.
Only a few cryptocurrencies are currently trading in losses as of right now. Tether, USD Coin, Stellar, and Binance USD are a few of these.