By: ABP News Bureau | Updated at : 16 Nov 2022 12:54 PM (IST)
Bitcoin price stood at $16,832.18 on Wednesday morning. ( Image Source : Alesia Kozik/Pexels )
Bitcoin (BTC) and Ethereum (ETH) — two of the most valued crypto coins — managed to maintain $16,000 and $1,200 marks, respectively, on early Wednesday morning. Other popular altcoins — including the likes of Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC) — landed in the greens as overall prices saw minor gains across the board. The Chiliz (CHZ) token emerged to be the biggest gainer, seeing a 24-hour jump of over 16 percent. Trust Wallet Token (TWT), on the other hand, turned out to be the biggest loser.
At the time of writing, the global crypto market cap stood at $849.84 billion, registering a 24-hour gain of 1.12 percent.
Bitcoin price stood at $16,832.18, seeing a 24-hour gain of 0.71 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 14.68 lakhs.
ETH price stood at $1,266.67, marking a 24-hour loss of 0.32 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.08 lakhs.
DOGE registered a 24-hour jump of 3.03 percent as per CoinMarketCap data, currently priced at $0.08913. As per WazirX, Dogecoin price in India stood at Rs 7.60.
Litecoin saw a 24-hour jump of 3.39 percent. At the time of writing, it was trading at $59.48. LTC price in India stood at Rs 4,891.48.
XRP price stood at $0.3846, seeing a 24-hour gain of 1.79 percent. As per WazirX, Ripple price stood at Rs 33.00.
Solana price stood at $14.37, marking a 24-hour gain of 1.21 percent. As per WazirX, SOL price in India stood at Rs 1,260.
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
24-hour gain: 16.79 percent
24-hour gain: 13.79 percent
24-hour gain: 10.71 percent
24-hour gain: 7.63 percent
24-hour gain: 6.88 percent
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Trust Wallet Token (TWT)
24-hour loss: 18.43 percent
24-hour loss: 6.25 percent
24-hour loss: 4.38 percent
24-hour loss: 2.03 percent
24-hour loss: 1.92 percent
Mudrex co-founder and CEO Edul Patel told ABP Live, “After a week of decline, Bitcoin is trying to recover, reacting to the latest inflation data released on Tuesday. BTC rose above the $16,900 level in the past 24 hours. At the moment, market participants should pay attention to the $17,000 level. If BTC can close above the $17,000 level today, we may see BTC trade above the $18,000 level by the end of this week.”
Sathvik Vishwanath, CEO and co-founder of Unocoin said, “Token Trust Wallet (TWT) was the knight in shining armour as the cryptocurrency dealt with the shockwaves from the FTX collapse. In less than four days — since November 10 — TWT has exploded by 171 percent to trade at $2.76. The price of the amount is half of the compensation for the losses suffered during the FTX saga. The $98 support was crucial in preventing QNT from going down the rabbit hole. The current price of one Bitcoin is $16,716 with a 24-hour trading volume of $19 billion. Bitcoin price action is limited by Doji formation and rotating star candles. Let’s wait for a break of the $16,000-$17,000 trading range to determine the next price action.”
weTrade founder Prashant Kumar offered his take on the market scenario as well, “Markets remained largely stable on Wednesday morning during Asia trading hours as they continue to recover from the shock of last week’s events. Bitcoin, while maintaining its support level, is inching closer to $17,000. Ethereum too has showcased similar resistance and maintained its $1260 position. Meanwhile, other coins including Solana, Cardano, and XRP have seen approximately 2 percent gains in the past 24 hours. With recent events, talks to launch an industry recovery fund to help projects during a liquidity crunch are a positive step.”
Shivam Thakral, the CEO of BuyUCoin, said, “The crypto market is headed for a strong recovery as US central bank is finally witnessing positive results in bringing down the soaring inflation. The latest inflation data received a big thumbs up from investors which pushed most of the crypto assets into the green zone. Bitcoin touched the $17,000 mark while Ether received strong support at the $1,200 level. The recent announcement by BlockFi may disturb the current equilibrium within the crypto ecosystem.”
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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