Bitcoin and Ethereum moved higher on Thursday but other crypto assets failed to replicate the similar move. Bitcoin recovered after the muted performance of banking stocks in the US. Crypto regulations remained the buzzing topic across developed economies. Bitcoin extended its gains as the largest crypto asset was trading with decent gains rising more than 2 per cent to hover around the $29,000 mark. Its largest peer, Ethereum, rose in tandem by 2 per cent and regained the $1,900 level. The performance of the altcoin was mixed in the early trade. Following concerns over First Republic Bank on Wednesday, Bitcoin has returned to $29,000 as markets react. In yesterday’s session, Bitcoin surged to $29,121, rebounding from its low of $27,217 the previous day, said Edul Patel, Co-founder and CEO at Mudrex. “This increase has erased Bitcoin’s losses from the past week and brought it to its highest point in seven days. Currently, Bitcoin has support at the $28,000 level and resistance at $29,400. Meanwhile, Ethereum has climbed above the $1,900 level and achieved a five-day high,” he said. Barring the top names, only Cardano and Polygon were trading in the green as both rose up to 2 per cent during the early trade. On the contrary, the cuts were capped. Among the losers, Litecoin dropped about 3 per cent, whereas BNB was down 2 per cent. XRP and Polkadot shed over a per cent, each. The global cryptocurrency market cap was trading significantly higher, hovering around the $1.20 trillion mark as it jumped more than one per cent in the last 24 hours. However, the total trading volumes soared about 73 per cent to $70.12 billion. The world’s largest crypto asset, Bitcoin, touched the $30,000 mark on Wednesday. The crypto market is showing strong signs of ending the crypto winter which dominated the crypto market in 2022. The regulatory support shown by major economies like the UK and Europe will pave the way for a more mature crypto ecosystem across the globe, said Shivam Thakral, CEO of BuyUcoin. “Ex-CFTC boss, Chris Giancarlo, made an important statement yesterday in support of the crypto industry in the US. Giancarlo reiterated the fact that regulators can engage with crypto entities if they have the will to do so. Standard Chartered, made a prediction that crypto winter is over and Bitcoin has the potential to touch the $100,000 mark by the end of 2024,” he said.
Image: Crypto-chart-price Tech View by WazirX Trade Desk Solar blockchain, previously known as Swipe, has its own utility token called SXP, which can be staked to ensure the network’s security and earn incentives, as well as used it to pay transaction fees on the Solar blockchain. Users can also participate in governing the Solar blockchain by submitting proposals and voting on protocol updates while earning rewards for offering liquidity. Moreover, SXP is the primary currency utilized by Solar DApps. On the weekly time frame, SXP is trading extremely close to the breakout levels, with the chart on the verge of a breakout from the descending trendline. SXP surged by nearly 10% in the last week, edging close to the $0.7 level. We could expect a strong upsurge if the trend breaks above the current trading levels. The next resistance is expected at $0.84 and immediate support is expected at $0.53 levels. (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.)
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