Cryptocurrency Market Sees Decent Gains amid Global Optimism
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, with Nvidia easily topping second-quarter earnings estimates, proving the bullish AI trend is here to stay and pushing the digital asset market higher.
Bitcoin’s Buying Action and Ethereum’s Surge
Bitcoin was back in the buying action as the largest crypto tokens gained as much as two per cent to near $26,500-levels, while its largest peer, Ethereum, surged more than 2 per cent and regained the $1,650-mark. The price action in the altcoins was on the higher side, indicating positive momentum in the crypto market.
Market Fear and Greed Index Moves Up
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. According to Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, Bitcoin has registered gains after an extended downside movement in the past few days.
Notable Movements in dYdX Token and Other Top Crypto Tokens
Notable movements in the last day include the dYdX token, which is up 10%, and other top crypto tokens such as Solana, Cardano, Toncoin, Tron, Polkadot, BNB, Dogecoin, and Shiba Inu, all trading decently higher on Thursday.
Global Cryptocurrency Market Cap and Trading Volumes
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.
Market Anticipation and Interest in Altcoins and AI-Associated Cryptocurrencies
Bitcoin consolidated around the $26,000 threshold, possibly anticipating 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. This renewed surge in interest towards altcoins and AI-associated cryptocurrencies may be attributed to Nvidia revealing Q2 revenue of $13.51 billion, surpassing the expected $11.19 billion consensus estimate, according to Edul Patel, Co-Founder & CEO at Mudrex.
Tech View by WazirX Trade Desk: SUI/USDT Surges
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, with an immediate support expected at 0.56 USDT.
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I have been writing about crypto for over two years. I have a vast amount of experience in the industry and my work has been featured on some of the biggest publications in the space.
