On Wednesday, crypto enthusiasts were delighted to witness cryptocurrency prices improving by leaps and bounds. A major factor for the same is the increase in optimism among investors.
The world’s most well-known cryptocurrency, Bitcoin, traded above $63,000, despite its fall of 0.13% over its price just 24 hours prior. While the cryptocurrency’s market capitalization rose to $1.19 trillion, the 24-hour traded volume fell slightly to $1.59 billion.
The other immensely popular cryptocurrency, Ether, was trading 3.7% higher than its price just 24 hours prior – amounting to $4,601.59. The volume traded in this time period was $1.74 billion, while the market capitalization rose to $540 billion.
Edul Patel, the CEO as well as the co-founder of Mudrex which is a worldwide algorithm-based cryptocurrency investment platform, commented on the current cryptocurrency market momentum by saying that the market showcased bullish momentum in just 24 hours. Ripple and Solana, which are often referred to as the sleeping giants, also made big moves by buying huge volume. He also stated that to witness the market not have any profit booking after surpassing the summed up market cap of $2.7 trillion is a positive sign.
While the meme cryptocurrency Shiba Inu lost much of its gains made over the past few months, other altcoins such as XRP, Cardano, Polkadot, Stellar, Uniswap, Terra, Polygon, and Litecoin, rose prominently over the 24-hour period.
The values and figures of the cryptocurrencies will fluctuate and change with each passing hour, but the sharp rise is a significant step forward for those who are keen on the crypto market.