Today’s Crypto Prices: Bitcoin Approaching $26,500, Ethereum Reaching $1,675, Solana Jumping 6%
Bitcoin and Crypto Tokens Gain on Renewed Optimism in Global Markets
Bitcoin and other crypto tokens were trading with decent gains on Thursday amid renewed optimism in the global markets. The gains in crypto mirrored a big move higher in traditional markets, with Nvidia easily topping second quarter earnings estimates, proving the bullish AI trend is here to stay, thus pushing the digital asset market higher.
Bitcoin and Ethereum See Gains
Bitcoin was back in the buying action as the largest crypto tokens gained as much as two per cent to near $26,500-levels. Meanwhile, Ethereum surged more than 2 per cent and regained the $1,650-mark. This price action led to gains in the altcoins as well as they traded on the higher side.
Crypto Market Picks Up
The overall crypto market has picked up in the last 24 hours, with the crypto fear and greed index remaining within the fear zone and jumping 4 points from yesterday to now stand at a score of 41/100. Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, noted, “Bitcoin, in the last 24 hours, has registered gains after an extended downside movement in the past few days.”
Interest in Self-Custodian Exchanges
Hudda further added, “Another notable movement since yesterday has come in the dYdX token. The world’s leading decentralized derivatives exchange is up 10% suggesting that people have started taking interest in self-custodian exchanges. If BTC trades sideways, more DEX tokens to look out for.”
Decent Gains Across Crypto Tokens
All other top crypto tokens were trading decently higher on Thursday. Solana gained about 6 per cent, while Cardano gained more than 4 per cent. Toncoin was up over 3 per cent, whereas Tron, Polkadot, BNB, Dogecoin, and Shiba Inu added 2 per cent each for the day.
Global Cryptocurrency Market Cap on the Rise
The global cryptocurrency market cap was trading significantly higher, rising up to the $1.06 trillion-mark as it jumped more than 2 per cent in the last 24 hours. However, the total trading volumes dropped about a per cent to $33.73 billion.
Market Anticipating US Bitcoin Spot ETF Decision
Bitcoin consolidated around the $26,000 threshold as the market anticipates a decision on the US Bitcoin Spot ETF. Ethereum continues to trade above $1,600, according to Edul Patel, Co-Founder & CEO at Mudrex.
Renewed Interest in Altcoins and AI-Associated Cryptocurrencies
Patel also noted, “Notably, altcoins such as Stellar and Hedera exhibited over 5 per cent growth in the past 24 hours. This renewed surge in interest towards altcoins and AI-associated cryptocurrencies may be attributed to Nvidia, an AI and computer-chip giant, revealing Q2 revenue of $13.51 billion, surpassing the expected $11.19 billion consensus estimate.”
SUI/USDT Surges 13% in Last 24 Hours
On the other hand, the SUI/USDT surged to nearly 0.63 USDT, a gain of 13% in just the last 24 hours. The daily trend had been on a decline since the start of May’23. However, the chart has broken above its descending trendline with a build-up in trading volumes. The next resistance is expected at 0.67 USDT and an immediate support is expected at 0.56 USDT.
Overall, it seems that the positive momentum in the global markets has translated into gains for the cryptocurrency market, with investors showing renewed interest in various digital assets.
I have over 10 years of experience in the cryptocurrency industry and I have been on the list of the top authors on LinkedIn for the past 5 years. I have a wealth of knowledge to share with my readers, and my goal is to help them navigate the ever-changing world of cryptocurrencies.
