The cryptocurrency markets recovered during the day on Wednesday, August 24, and traded in green after remaining in red during the early hours of the day. Crypto traders and investors remained nervous as they awaited cues from Fed chief Jerome Powell’s speech on the monetary policy later this week and his views on further hiking rates.
The global cryptocurrency market on the day was trading marginally higher by 2 per cent, and scaled $1.03 trillion at the time of writing this article, data from CoinMarketCap showed. Bitcoin, Ethereum, and other major crypto coins made minor gains over the past 24 hours.
“The overall crypto market remained in a neutral position as investors wait for the Federal Reserve chief’s speech on Friday about the monetary policy. The crypto heavyweights like Bitcoin and Ethereum witnessed marginal rise along with popular coins like AVAX, SOL, and DOGE. The markets will continue to remain in a stable phase till the end of this week and may move upward with some positive news from the Fed around the relaxation of monetary policy,” said Shivam Thakral, CEO at BuyUcoin.
Bitcoin price today at the time of writing this article was $21,426.82, up by 1.22 per cent over the past 24 hours, data retrieved from CoinMarketCap showed. In the past seven days, Bitcoin prices have fallen by 12.04 per cent.
“Bitcoin has once again bounced off the US$21,000 level after buyers confirmed their power. If BTC can break above the current level, there are chances to see the breakout of its recent resistance at US$21,774,” said Edul Patel, CEO and co-founder of Mudrex.
On the other hand, Ether price today moved up by 3.63 per cent at the time of writing in article to scale $1,644.05, showed data from CoinMarketCap. Over the past week, Ether prices have spiralled down by 15.47 per cent, the data further showed.
“Ethereum also made a false breakout of the US$1,600 level. If the price can hold above this vital level, bulls have a chance to seize the initiative. The following critical level of ETH would be US$1,700,” added Patel.
Here are the top 10 cryptocurrencies and their prices on August 24, Wednesday (data from coinmarketcap.com at the time of publishing this article)
Bitcoin $21,426.82 or 1.22 per cent gain in the last 24 hours
Ethereum $1,644.05 or 3.63 per cent gain in the last 24 hours
Tether $1.00 or 0.02 per cent gain in the last 24 hours
USD Coin $1.00 or 0.00 per cent loss in the last 24 hours
BNB $298.22 or 00.35 per cent gain in the last 24 hours
Binance USD $1.00 or 0.01 per cent gain in the last 24 hours
XRP $0.3442 or 2.65 per cent gain in the last 24 hours
Cardano $0.4607 or 2.60 per cent gain in the last 24 hours
Solana $35.26 or 1.45 per cent gain in the last 24 hours
Dogecoin $0.06795 or 2.99 per cent gain in the last 24 hours