Major coins traded higher on Wednesday evening as the global cryptocurrency market cap increased 2% to $2 trillion.
| Coin | 24-hour | 7-day | Price |
|---|---|---|---|
| Bitcoin (CRYPTO: BTC) | 1.1% | 4.2% | $42,928.20 |
| Ethereum (CRYPTO: ETH) | 2.3% | 9.7% | $3,046.82 |
| Dogecoin (CRYPTO: DOGE) | 5.4% | 10.5% | $0.13 |
| Cryptocurrency | 24-Hour % Change (+/-) | Price |
|---|---|---|
| Loopring (LRC) | +45.2% | $1.18 |
| XIDO FINANCE (XIDO) | +33.2% | $33.69 |
| Humans.ai (HEART) | +29.6% | $0.055 |
See Also: How To Buy Bitcoin (BTC)
Why It Matters: Cryptocurrencies broke away from other risk assets as U.S. equity markets closed in the red on Wednesday amid surging prices of commodities, including oil. At press time, U.S. stock futures traded flat.
“Bitcoin is stuck above the $40,000 level and that is a good thing for long-term investors. Bitcoin should remain a sideways trade until Wall Street makes up its mind … whether equities can continue to perform well with all the geopolitical uncertainty at hand,” said Edward Moya, a senior market analyst with OANDA.
The apex coin has consolidated between the $38,000 and $45,000 levels for the past two months, during which a large amount of it has changed hands, tweeted Glassnode.
The on-chain analysis firm said short-term holders or new buyers have “accumulated heavily” in this range, while many long-term holders are holding coins at a loss.
#Bitcoin prices have now consolidated between $38k and $45k for over 2-months, and a large volume of $BTC has changed hands.
The chart below shows:
Newer buyers (Short-Term Holders) have accumulated heavily in this range.
Many Long-Term Holders are holding coins at a loss. pic.twitter.com/9OTucsFg2j— glassnode (@glassnode) March 23, 2022
Cryptocurrency trader Michaël van de Poppe said there were relief rallies everywhere, but advised his Twitter followers to take their profits.
“The markets are still fragile and can turn quite swiftly,” he said on Twitter.
The markets are moving upwards, relief rallies everywhere.
Good signs.
However, take your profits. The markets are still fragile and can turn quite swiftly.
Just a simple piece of advice.
— Michaël van de Poppe (@CryptoMichNL) March 23, 2022
Ethereum breaking the $3,000 level led to plenty of liquidations on Wednesday. This occurred in the wake of shorts getting piled up a day earlier, tweeted Santiment.
#Ethereum has enjoyed another leg up Wednesday, jumping above $3,000 after yesterday’s first breach above this resistance level in three weeks. #Shorts were really piling up following yesterday’s brekout, leading to plenty of $ETH liquidations today. https://t.co/cIOc62l3B8 pic.twitter.com/bp0eol3zte
— Santiment (@santimentfeed) March 23, 2022