Various Altcoins Have Gained While Bitcoin Finds Balance Above $52,000
Bitcoin (BTC) traded up 5.2% to $52,254 after 24 hours at press time on Wednesday night.
Watch the action: When the world’s top cryptocurrency surged above $51,000 on Tuesday night, it curbed altcoin’s momentum. Cryptocurrencies other than Bitcoin have also made gains at press time.
Ethereum (ETH), the second-largest virtual currency by market capitalization, rose 6.8% to $1,904.80. Among other cryptocurrencies based on smart contract platforms, Cardano (ADA) rose 6.8% to $0.91 and Polkadot (DOT) rose 3.7% to $31.95.
Litecoin (LTC), a fork of bitcoin, rose 9.3% to $233.36. Chart (GRT) was up 15.4% at $2.28.
Binance Coin (BNB), which backs the cryptocurrency exchange Binance, rose 28 percent to close at $166.27.
Dogecoin (DOGE) fell 4% to $0.05 after Tesla Inc CEO Elon Musk.
Ask whales to get rid of their investments.
Several DeFi (decentralized finance) cryptocurrencies have outperformed Bitcoin in the past 24 hours. UniSwap (UNI) was up 10.2% at $21.91, Aave (AAVE) was up 13.2% at $462.22 and Terra was up 17.4% at $7.21. For its part, 0x was up 6.78% at $1.61 and SushiSwap (SUSHI) was up 8.94% at $16.56.
According to data provided by DeFi Pulse, the total value locked in DeFi projects continues to rise, at around $41.8 billion at press time.
Why the moves: Momentum in the cryptocurrency market continues as institutional investors show increasing interest, which analysts see as a key factor in the rally that began last July.
Ki-Young Ju, CEO of Cryptoquant, pointed to a positive trend in Coinbase Premium, even as Bitcoin traded above $50,000, suggesting that the rally could continue.
Announced on Wednesday, it will raise its target for issuing bonds from $600 million to $900 million to fund its purchases of bitcoin.
Financial website The Motley Fool has disclosed its intention to buy $50 million worth of bitcoin.
Todd Gordon, founder of TradingAnalysis.com, told CNBC on Wednesday that Bitcoin’s next resistance level won’t come until around $170,000. Meanwhile, JPMorgan sees Bitcoin’s current price as “unsustainable.”