Most major crypto tokens continued to rise during the early hours of Thursday, as the digital token market shrugged off the gloom of the previous week. Investor sentiment was boosted by Bitcoin ETF applications from BlackRock and other large asset management firms, despite aggressive comments from the US Federal Reserve.
Bitcoin extended its gains as the largest crypto token advanced more than 5 percent to surpass the $30,000 mark. Its largest pair, Ethereum, was also trading higher as it jumped around 6 percent and recaptured the $1,900 level. Price action in other altcoins was on the higher side.
In the last 24 hours, Bitcoin held a position above $30,000, registering a 5% increase from the previous day. This rise was fueled by investor enthusiasm following news of various Bitcoin ETF filings, said Edul Patel, co-founder and chief executive officer of Mudrex.
โAfter experiencing a downward trend for a few weeks, BTC reached its highest point since April 2023. Bitcoin continues to show remarkable performance. On the other hand, Ethereum also showed an upward movement, breaking above the $1900 level and indicating strong buying momentum. Overall, market sentiment remains positive," he said.
Except for the US dollar-pegged stablecoins, all other major crypto tokens were trading with huge gains today. Shiba Inu rose around 9 percent, while Litecoin, Dogecoin, and Cardano each gained 7 percent. Polygon was up more than 6 percent, while Polkadot was up 5 percent.
The global cryptocurrency market capitalization was trading considerably higher, reaching the $1.19 trillion mark, as it rose as much as 5 percent in the past 24 hours. However, total trading volumes increased around 35 percent to $59.5 billion.
EDX Markets, a Schwab and Fidelity-backed crypto platform, has begun trading popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. In particular, a non-custodial institutional wallet, meaning it does not hold customer crypto assets, but instead relies on third-party custodians to ensure the safety of customer funds, CoinDCX's research team said.
"This approach eliminates concerns about potential misappropriation of funds. The rise of EDX, backed by prominent firms such as Citadel Securities and Fidelity Digital Assets, has the potential to reshape the digital asset landscape, particularly in the face of increased industry scrutiny. by US regulators," he said.
WazirX Trade Desk Tech View
Stacks (STX) serves as a Bitcoin layer designed to facilitate the use of Bitcoin as an asset and the execution of transactions on the Bitcoin blockchain using smart contracts and decentralized applications.
On the daily time frame, the STX/USDT chart has broken out of the downtrend line and continued on an upward trajectory. The last two days have seen a considerable increase in buying volumes, with the RSI moving towards the overbought zone. The next resistance is expected at $0.91 and immediate support is expected at the $0.68 mark.
(Opinions and recommendations provided in this section are those of analysts and do not represent those of Business Today. Please consult your financial advisor before taking any position in any of the listed assets.)
