All major cryptocurrencies gained significantly on Wednesday. The cryptocurrency collapsed last week with Bitcoin nearing a six-month low. However, the market and the investor were surprised to find that Bitcoin’s price recovered on January 26. The world’s largest and best-known cryptocurrency traded 4.83 percent higher Wednesday morning at $37,791.11. according to CoinmarketCap. It is now about half of the $69,000 peak in November. It had a steep decline on January 21. The further market dominance of the digital token also rose to 42.04 percent.
Bitcoin has experienced major price swings as risk appetite has declined amid inflation fears and anticipation of a more aggressive pace of rate hikes by the US Federal Reserve.
“On the weekly timeframe, Bitcoin can be seen past the support level. The next support for Bitcoin is expected at the USD 30,140 level. Buying momentum has moderated in recent days and we can expect it to continue if prices remain at this level,” the WazirX trading desk said in a note.
While Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also rose more than 2 percent to $2,452, according to Coinmarketcap. Binance Coin also rose 4.5 percent to $380. The price of Dogecoin rose more than 6 percent to $0.14, while Shiba Inu rose more than 4 percent to $0.000021.
Among other things, most currencies appear to be in recovery mode as Avalanche is up 6.55 percent and Solana is up 3.88 percent. The performance of other cryptos also improved as XRP, Terra, Stellar, Cardano and Polygon also traded with gains in the past 24 hours.
Cryptocurrencies have come under widespread selling pressure in recent weeks, with traders pointing to aggressive signals from the Federal Reserve and a sell-off in technology stocks as reasons for traders to pull out of risky assets. The digital tokens and stocks have converged since the beginning of the year, in response to investor concerns about how a series of expected Federal Reserve rate hikes will ripple through markets.
“Despite the market crash, ex-Goldman CEO Lloyd Blankfein is still confident in the industry seeing how the ecosystem and digital assets have matured in the past. As the US Federal Reserve kicks off its January policy meeting later this week, investors are turning back to more hawkish policies that will impact the global economy and crypto market. CoinDCX’s research team noted.
“But considering the tremendous pace of innovation and growth of the crypto sector in just over a decade, the current weak market could only be a bump in the crypto’s journey and not determine its long-term performance” , CoinDCX stated in its note.
Cryptocurrency market cap reached $1.66 trillion in the past 24 hours while the market volume reached $80.34 trillion in the past 24 hours.
In other news, the International Monetary Fund (IMF) wants El Salvador to drop the highly volatile cryptocurrency Bitcoin as its legal tender and strictly regulate the electronic wallet that the government has adopted across the country.
Here are the top 10 cryptocurrencies and their prices as of January 26, 2022 (data from coinmarketcap.com at the time of publishing this article)
Bitcoin $37,660.04 or 4.34% gain in the last 24 hours
Ethereum $2,478.70 or 3.57% gain in the last 24 hours
Cardano $1.06 or 3.39% profit in the last 24 hours
Tether $1.00 or 0.01% profit in the last 24 hours
Binance $1.00 or 0.12% profit in the last 24 hours
XRP $0.6268 or 5.04% gain in the last 24 hours
Solana $95.36 or 7.05% profit in the last 24 hours
Polkadot $18.84 or 7.21% profit in the last 24 hours
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