Bitcoin’s Soaring Rally: Surges Past $57,000 as Crypto Market Cap Hits $2 Trillion

Bitcoin continues its upward trajectory, with its price soaring to $56,992 as of the latest trading update. The cryptocurrency’s relentless rally saw a gain of 2.20 percent on Wednesday alone. At one point, Bitcoin even touched the impressive mark of $57,000 before experiencing a slight pullback. In the past 24 hours, Bitcoin’s value has surged by $1,240, reflecting the bullish sentiment prevailing in the market.

According to Rajagopal Menon, Vice President at WazirX, Bitcoin’s recent surge can be attributed to aggressive buying behavior among traders on Bitfinex, who collectively acquired $123 million worth of Bitcoin. Additionally, significant spot buying activity on a major exchange further contributed to the positive sentiment surrounding Bitcoin. These factors have fueled investor optimism and propelled Bitcoin’s price to new heights.

Meanwhile, Ether, the second-largest cryptocurrency by market capitalization, also saw notable gains, albeit more modest compared to Bitcoin. Ether’s price climbed to $3,248, marking a profit of 0.228 percent on Wednesday. Despite a relatively smaller increase, Ether’s trading value remains robust, signaling the overall strength of the crypto market. With both Bitcoin and Ether showing resilience and upward momentum, investors are closely monitoring the crypto landscape for further developments and opportunities.

“Ethereum has been up for the past six days and is up by 42 percent month-to-date. Ethereum’s resistance lies at $3,500 (roughly Rs. 2.9 lakh) level, the current trend suggests that this resistance could be tested soon,” Edul patel, CEO of Mudrex.

With both, BTC and ETH rallying with gains – several altcoins are recovering from their prior losses. These include Ripple, USD Coin, Dogecoin, Tron, and Polkadot. Other profit-minting cryptocurrencies include Uniswap, Shiba Inu, Bitcoin Cash, Leo, Stellar, Cronos, and Monero. The overall crypto market cap rose by 1.90 percent in the last 24 hours. The valuation at this point stands at $2.16 trillion (roughly Rs. 1,79,10,115 crore), according to CoinMarketCap.

“Memecoins like FLOKI (+19.51 percent) and DOGE (+5.3 percent) have also started to see investor interest even though DOGE could not sustain over the 10 cents mark for a very long time. Traders are still eyeing the ETH/BTC pair which faced resistance at 0.06 levels and could test 0.055 again. Any move in this pair usually defines where the altcoin market is headed,” the CoinSwitch Markets Desk told Gadgets360.

Meanwhile, loss-making cryptocurrencies on Wednesday include Tether, Binance Coin, Solana, Cardano, Coin, Solana, Cardano, Avalanche, and Chainlink. “Today’s announcement of the US GDP prelim (QoQ) could introduce some volatility into the market,” the CoinDCX research team has warned.