Bitcoin and Other Crypto Tokens Trade with Gains Amid 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, especially with Nvidia easily topping second quarter earnings estimates and proving the bullish AI trend is here to stay, pushing the digital asset market higher.
Bitcoin and Ethereum Lead the Way
Bitcoin was back in the buying action as the largest crypto tokens gained as much as two per cent to near the $26,500-level. Its largest peer, Ethereum, also surged more than 2 per cent and regained the $1,650-mark. Price action in the altcoins was on the higher side as well, signaling a positive trend in the market.
Crypto Market Sees a Boost
The crypto market has picked up in the last 24 hours, despite the fact that the crypto fear and greed index remains within the fear zone. It has jumped 4 points from yesterday to now stand at a score of 41/100. “Bitcoin, in the last 24 hours, has registered gains after an extended downside movement in the past few days,” said Shubham Hudda, Senior Manager at CoinSwitch Markets Desk. He also noted that “the world’s leading decentralized derivatives exchange, dYdX token, is up 10%,” suggesting that people have started taking interest in self-custodian exchanges.
Positive Movement in Top 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. The global cryptocurrency market cap was trading significantly higher, rising up to $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.
Anticipation in the Market
Bitcoin consolidated around the $26,000 threshold on Thursday, likely in anticipation of a decision on the US Bitcoin Spot ETF. Ethereum continues to trade above $1,600, and altcoins such as Stellar and Hedera exhibited over 5 per cent growth in the past 24 hours.
Tech View by WazirX Trade Desk
In addition, SUI, a groundbreaking Layer-1 blockchain and smart contract platform, 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, but 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. This renewed surge in interest towards altcoins and AI-associated cryptocurrencies may be attributed to Nvidia’s Q2 revenue surpassing the expected consensus estimate.
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