Crypto Price Today: Bitcoin tops $30,000; Ethereum trades above $1,900; Shiba Inu & Cardano jump up to 9%

A majority of the top crypto tokens continued to rise during the early hours on Thursday as the digital token market shrugged off the gloom of the previous week. Investors' confidence was boosted from the Bitcoin ETF applications by BlackRock and other large asset management firms, despite hawkish comments from the US Fed.
 
Bitcoin extended its gains as the largest crypto token advanced more than 5 per cent to top $30,000 mark. Its largest peer, Ethereum, was also trading higher as it jumped about 6 per cent and reclaimed $1,900 level. Price action in other altcoins was on the higher side.

In the last 24 hours, Bitcoin maintained a position above $30,000 mark, registering a 5% increase compared to the previous day. This surge was fueled by investors' enthusiasm following the news of various spot Bitcoin ETF filings, said Edul Patel, Co-founder and CEO at Mudrex

"After experiencing a downward trend for a few weeks, BTC reached its highest point since April 2023. Bitcoin continues to showcase a remarkable performance. On the other hand, Ethereum also displayed upward movement, surpassing the $1,900 level and indicating a strong buying momentum. Overall, the market sentiment remains positive," he said.

Barring the US-dollar-pegged stablecoins, all other top crypto tokens were trading with big gains today. Shiba Inu surged about 9 per cent, while Litecoin, Dogecoin and Cardano gained 7 per cent each. Polygon rose over 6 per cent, while Polkadot was up 5 per cent.

The global cryptocurrency market cap was trading sharply higher, rising to $1.19 trillion mark as it surged as much as 5 per cent in the last 24 hours. However, the total trading volumes rallied about 35 per cent to $59.5 billion.

EDX Markets, a crypto-platform supported by Schwab and Fidelity, has commenced trading for popular crypto such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Notably, an institutional non-custodial wallet, meaning it does not hold customer crypto-assets but relies on third-party custodians to ensure the security of customer funds, said CoinDCX Research Team.

"This approach eliminates concerns about potential fund misappropriation. The emergence of EDX, backed by prominent firms like Citadel Securities and Fidelity Digital Assets, has the potential to reshape the digital asset landscape, particularly in the face of increased scrutiny of the sector by US regulators," he said.

Tech View by WazirX Trade Desk

Stacks (STX) serves as a Bitcoin Layer designed to facilitate the utilization of Bitcoin as an asset and the execution of transactions on the Bitcoin blockchain by smart contracts and decentralized applications.

On the daily timeframe, the STX/USDT chart has broken out of the descending trendline and has continued on an upward trajectory. The last two days have seen a considerable surge in buying volumes, with the RSI moving into the overbought zone. The next resistance is expected at $0.91 and an immediate support is expected at the $0.68 mark.


(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.)