Image Source : PEXELS Crypto Gains Continue as Market Cap Reaches $1 Trillion and 24-Hour Trading Volume Surges
Bitcoin, which is the cryptocurrency with the largest market capitalization, saw a rise of 4.60% and was trading at $22,716 as of February 15. Meanwhile, Ethereum had a rise of 4.43% and was trading at approximately $1,578.99.
Edul Patel of Mudrex stated that after a recent decline, Bitcoin has bounced back and is currently being traded above $22,000. Patel identified that the next threshold for Bitcoin is at $22,260, which represents a level of resistance, while its support level is at $22,000.
Regarding Ethereum, Patel commented that it is also experiencing an upswing in value and is being traded above $1,500, which is aligned with Bitcoin’s performance. However, despite the modest gains in both cryptocurrencies, the general trend in the market appears to be slightly bearish.
The second-largest cryptocurrency by market capitalization, Ether (ETH), has experienced a steady decrease in its exchange supply over the past six months after the Merge. In September 2022, the Ethereum network underwent a significant upgrade by transitioning from a proof-of-work (PoW) to a proof-of-stake (PoS) network called the Merge.
Crypto analytics firm Santiment has shared on-chain data indicating that the amount of available ETH on exchanges has been consistently decreasing. Since the Merge, there has been a 37% reduction in the amount of ETH available on exchanges, which is generally viewed as a bullish signal since there is less ETH accessible for trading or selling.
Before the Merge, there were 19.12 million ETH, valued at $31.3 billion, on exchanges in September. As of the second week of February, the number has decreased to 13.36 million ETH, which is worth $19.7 billion.
Major cryptocurrencies are trading as follows as of 9 am IST, 16 February 2023 :
Bitcoin:$25,032.56 USD
+11.35%
Ethereum: $1,721.31 USD
+9.21%
Tether: $1.02 USD
+0.04%
USD Coin:$1.00 USD
-0.02%
BNB: $325.64 USD
+8.76%
XRP: $0.4068 USD
+5.77%
Dogecoin: $0.09229 USD
+5.46%
Cardano: $0.4197 USD
+6.71%
Polygon: $1.40 USD
+10.21%
Polkadot:$6.77 USD
+7.21%
Tron: $0.07141 USD
+6.09%
Litecoin: $103.41 USD
+6.90%
Shibu Inu: $0.00001406 USD
+8.06%
Solana: $24.32 USD
+10.68%
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