**Bitcoin and other Top Crypto Tokens Show Upside Momentum**
*Bitcoin Rebounds as Market Sentiment Improves*
Bitcoin and other top crypto tokens showed signs of recovery on Wednesday, with Bitcoin gaining more than 2 per cent to regain the $29,500-mark. Ethereum, the largest peer of Bitcoin, also traded higher, rising more than a per cent but could not surpass the $1,850-levels. The price action in major altcoins was generally on the higher side.
**Market Dynamics**
*Prices Cross $30,000 Mark*
Bitcoin’s prices crossed $30,000 before settling at trading above the $29,500 level. This shift might be a response to China’s reduced trade figures for July and the US 10-year Treasury yield dropping. Over the past 24 hours, Solana, Shiba Inu, Hedera, and TonCoin gained, while Ethereum continued trading between the $1,800-$1,900 range.
*Bullish Trends in Crypto Market*
Barring a few exceptions, all top crypto tokens were trading higher on Wednesday. Shiba Inu and Solana gained more than 5 per cent each, while Polygon gained 4 per cent. XRP rose 3 per cent, whereas Cardano, Polkadot and Litecoin added 2 per cent each. Among the losers, Bitcoin Cash and Tron saw a decrease of about 1 per cent each.
*Market Cap and Trading Volumes Surge*
The global cryptocurrency market cap was trading significantly higher, rising up to the $1.19 trillion-mark as it rose as much as 2 per cent in the last 24 hours. Additionally, the total trading volumes surged about 13 per cent to $36.67 billion.
**Tech View by Giottus Crypto Platform**
*Positive Break for Polygon (MATIC)*
Polygon (MATIC) is experiencing a positive break following wider sentiment in the market post Paypal’s new stablecoin news. The asset is showing signs of recovery suggesting a breakout from the descending channel. If successful, MATIC could hit the key 100-day moving average around the $0.80 area.
*Technical Analysis and Levels*
MATIC’s RSI reading is currently at 45.7 and has started moving sideways, indicating that the asset may recover towards neutral territory. However, if MATIC is unable to break through the $0.75 barrier, price may fall. The most recent low (about $0.65) serves as an early support level.
In summary, Bitcoin and other major crypto tokens have shown upside momentum, with Bitcoin reclaiming the $29,500 level and several altcoins registering gains. The global cryptocurrency market cap and total trading volumes have also surged significantly, indicating improved market sentiment. Additionally, technical analysis for Polygon (MATIC) suggests a positive breakout and potential recovery, with key resistance and support levels outlined for traders and investors.
I have been featured in numerous publications, both online and offline, and am a regular speaker at industry events. I am also the founder of Crypto University, an online educational platform that helps people learn about cryptocurrencies and blockchain technology. In addition to my writing and teaching career, I am also an active investor in the cryptocurrency space. I have made investments in some of the leading projects in the space, and my portfolio has outperformed the market by a wide margin