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Cryptocurrency Prices Surge with Bitcoin Crossing $24,900 Mark

Image Source: Pixabay

Today, Bitcoin, the leading cryptocurrency, has reached a market capitalization of approximately $24,900, with its dominance currently standing at 43.68%, representing a slight decrease of 0.06% according to CoinMarketCap data.

The cryptocurrency markets are experiencing an uptrend today, driven by reduced concerns within the banking sector.

Bitcoin has seen a 1.95% increase, reaching $24,943, while Ethereum has surpassed the $1,700 mark. Over the past 24 hours, the trading volume for Bitcoin has surged to almost $53.82 billion, marking a 12.50% increase compared to yesterday.

Sathvik Vishwanath, the Co-founder CEO of Unocoin, mentioned that Bitcoin’s immediate support level lies at $25,125, and any decline below this threshold could lead to further selling pressure, potentially dropping to $23,750.

Yesterday, Bitcoin surpassed $26,500 after the release of the consumer price index (CPI) data, which showed that US inflation remained at 6% year-over-year.

*Analysts predict that the cryptocurrency may rise as high as $26,514.72 and dip to $24,142.48.*

CEO of BuyUcoin, Shivam Thakral, noted that the UK government’s bailout of Silicon Valley Bank has positively influenced investor sentiment, leading to increased buying activity. He also mentioned that despite a slowdown in US consumer inflation, the Federal Reserve might maintain its hawkish stance.

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Other major cryptocurrencies like Solana, Polygon, and Polkadot have also witnessed a 3% surge in their trading values.

The global cryptocurrency market capitalization is currently around $1.10 trillion, reflecting a 2.24% increase over the past 24 hours.

Stable coins have a combined volume of $94.39 billion, representing 93.29% of the total crypto market’s 24-hour volume. Additionally, the total volume of decentralized finance (DeFi) stands at 9.46 billion, accounting for 9.35% of the total crypto market volume.

Current market indicators suggest a neutral sentiment, with the Relative Strength Index (RSI) at 63.32, Stochastic %K at 81.09, and the average directional index (14) indicating a neutral outlook at 24.49. The MCAD level (12,26) at 133.09 indicates a buy signal.

The major market volumes for today’s cryptocurrencies are as follows:

– Ethereum: $1,708 (+1.96%)
– Tether: $1 (unchanged)
– BNB: $313.11 (+2.21%)
– XRP: $0.3762 (+1.56%)
– Cardano: $0.3468 (+0.64%)

Investors are optimistic about the market’s future trends, recognizing that market corrections are common occurrences as market makers adjust long and short positions.

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Image Source: Pixabay

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