TL;DR
- Bitcoin, Ethereum, Dogecoin, Shiba Inu, all performing really well as trading volume increases
- BTC and ETH still holding above their crucial resistance levels.
Wednesday morning brought movement upward as several cryptocurrencies, including Bitcoin, exploded and expanded their Tuesday gains. Institutional money inflow has increased with positive news and fresh integrations by many tokens, strengthening investors’ confidence in the market.
Out of the top 10 cryptocurrencies in terms of market cap, five are on an upward rally, with Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) making 4%, 2.25%, and 10.4% gains, respectively.
Market cap increased by over 3%, at $2.22 trillion
The international crypto market seems green as the market cap has increased by over 3%, at $2.22 trillion. The activities of traders have also increased as the total market volume surged by around 4% to $110 billion.
BTC, the king of all cryptocurrencies, has increased from $49.400 to $51,800 in the daily charts and is currently trading around $51,400 after breaching the $50,000 crucial level. The trading volume has jumped by more than 10%, at $36.8 billion.
October 4 and 5 were marvellous for Shiba Inu and Dogecoin after Elon Musk pushed their value upward. Shiba Inu (SHIB) surged more than 200% in just a week and continued its upward movement. SHIB lovers have gained more than 80% in a single day.
Bitcoin and Ethereum above the resistance
Edul Patel, Chief Executive Officer (CEO) of Mudrex, said that both Bitcoin and Ethereum have crossed their crucial resistance and are holding up, which is a good sign for the market.
“Bitcoin surpassed the $50,000 mark, and this made a lot of investors very happy. The coming 24 hours would likely be a period of consolidation as there could be some profit booking across the spectrum,” he added.
According to DappRadar, the market tracker and analyst, cryptocurrencies and Non-Fungible Tokens (NFTs) are also keeping up the upward pace. The sale volume of NFTs has increased to $10.7 billion in the third quarter of 2021.
Many investors were hesitant after the crazy announcements by regulators, especially the Securities and Exchange Commission (SEC). But recently, Gary Gensler, the head of the SEC, has confirmed that they will not ban crypto. This news relieved the investors, which further increased the money inflow in the crypto market.
