Cryptocurrency prices rise after three straight volatile sessions; Bitcoin below $24,000, Ether gains 2%

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Bitcoin, was trading a percent higher at $23,066.8. Bitcoin’s market capitalisation was at $441.7 billion, while the trade volume was at $26.1 billion in the past 24 hours.

Major cryptocurrencies gained on Thursday amid positive trends in global markets as the global crypto market capitalisation rose by 2.12 percent to $1.08 trillion over the last day.

The world’s most popular and largest cryptocurrency, Bitcoin, was trading a percent higher at $23,066.8. Bitcoin’s market capitalisation was at $441.7 billion, while the trade volume was at $26.1 billion in the past 24 hours.

Edul Patel, CEO and co-founder of Mudrex Bitcoin, said, “If buyers can take BTC to the $24,000 zone, we may see BTC rising above $25,000 by the end of the month.”

A WazirX analyst said, “The weekly trend for BTC continues to traverse within a descending triangle pattern, but has bounced off from the lower trendline and could continue the upward momentum. The next key resistance level for BTC is expected at $32,300 and the next support is expected at $19,000.”

Second-largest virtual currency, Ether, was 2.2 percent up at $1,649.7 with a market capitalisation of $201.8 billion. The trade volume of Ethereum was $16.2 billion in the last 24 hours.

On Ethereum, Patel said, “ETH has not yet acquired enough power to continue the winning streak. So it is likely that ETH might trade sideways for the next few days.”

On the effects of the China-Taiwan conflict on crypto market, Patel, “The crypto market has recovered a bit after the US House of Representative Speaker Nancy Pelosi’s visit to Taiwan on Tuesday. But the market started to fall early this morning due to the Chinese military exercises around Taiwan. While the recession and inflation are already at their height, the tension between China and Taiwan can further weaken the global economy. After a series of macroeconomic events and the war between Russia and Ukraine, this tension can result in investors migrating away from the riskier assets due to fear for some temporary period.”

Meme crypto Dogecoin was 3.4 percent up with a trading volume of almost $477 million in 24 hours. Shiba Inu was trading a percent higher at $0.000012 while Solana was 2.4 percent up at $39.4 billion.

Indian headline indices opened in green on Thursday.

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