ISLAMABAD
The cryptocurrency market remained lacklustre on Wednesday, with the market capitalization gaining 0.1 percent to reach $1.08 trillion.
As of 1355 hours GMT, Bitcoin, the world’s oldest and most valued cryptocurrency, gained 0.1 percent in the last 24 hours to reach $25,738. The market capitalization of the biggest crypto has reached $501.3 billion with this increase. Bitcoin has been 5.8 percent down in the past seven days.
Bitcoin traded around the $25,800 threshold following Grayscale Investments’ communication to the US SEC, stating that there were no valid grounds for rejecting its Bitcoin ETF conversion. Furthermore, Coinbase unveiled a new cryptocurrency lending service designed for institutional investors, potentially sparking optimism among those involved in the market.
Despite Bitcoin still being 62 percent below its all-time high, it has displayed a year-to-date performance increase of 53 percent. At present, BTC faces resistance at $25,900 and finds support at $25,700. However, it has not yet gathered enough strength to make a definitive move, suggesting that Bitcoin might trade sideways for some period.
Similarly, Ether (ETH), the world’s second-largest cryptocurrency by market capitalization, inched up 0.2 percent to reach $1,633. With this increase in price, the market capitalization of ETH has reached $196.3 billion. ETH has been 4.8 percent down in the past seven days.
Following suit, Binance Coin (BNB) price surged 0.2 percent to reach $215. The market capitalization of BNB has reached $33 billion with this increase. BNB has shed 4.3 percent of its value during the last seven days.
Ripple (XRP) price increased by 0.1 percent in the past 24 hours to reach $0.501. The market capitalization of XRP stands at $26.6 billion with this increase. XRP has lost 5.2 percent of its value during the last seven days.
Meanwhile, Cardano (ADA) price went up by 0.2 percent to reach $0.256. With this increase in price, its market capitalization has reached $9 billion. ADA has shed 3 percent of its value during the last seven days.
Other popular altcoins including Dogecoin (DOGE), Litecoin (LTC), and Solana (SOL) landed in the red across the board. The Astar (ASTR) token went on to become the biggest gainer, with a 24-hour jump of nearly 7 percent. Toncoin (TON) became the biggest loser, with a 24-hour dip of above 4 percent.
