Crypto Price Today: Bitcoin near $26,500; Ethereum regains $1,675; Solana surges 6%
Bitcoin and other crypto tokens were trading with decent gains on Thursday amid the renewed optimism in the global markets. The gains in crypto mirrored a big move higher in traditional markets. Nvidia easily topped second quarter earnings estimates, proving the bullish AI trend is here to stay, pushing the digital asset market higher.
Bitcoin was back in the buying action as the largest crypto tokens gained as much as two per cent to near $26,500-levels. However, Its largest peer, Ethereum, surged more than 2 per cent and regained the $1,650-mark. Price action in the altcoins was on the higher side.
The crypto market has picked up in the last 24 hours Even though 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.
“Another notable movement since yesterday has come in the dYdX token. The world’s leading decentralized derivatives exchange is up 10% suggesting that people have started taking interest in self-custodian exchanges. If BTC trades sideways, more DEX tokens to look out,” he added.
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.
Bitcoin consolidated around the $26,000 threshold today. This could be because of the market anticipating a decision on the US Bitcoin Spot ETF. Ethereum continues to trade above $1,600, said Edul Patel, Co-Founder & CEO at Mudrex.
“Notably, altcoins such as Stellar and Hedera exhibited over 5 per cent growth in the past 24 hours. This renewed surge in interest towards altcoins and AI-associated cryptocurrencies may be attributed to Nvidia, an AI and computer-chip giant, revealing Q2 revenue of $13.51 billion, surpassing the expected $11.19 billion consensus estimate,” he added.
Tech View by WazirX Trade Desk
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The SUI/USDT 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. However, 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.
(Views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)
