The cryptocurrency market turned bullish on Wednesday, with market capitalisation gaining 4.4 percent to reach $2.16 trillion.
As of 1230 hours GMT, the largest cryptocurrency Bitcoin’s price went up by 2.77 percent to reach $43,079. With this increase in price, the market capitalisation of the biggest crypto has reached $815.3 billion. Data shows that 29,371 BTC left exchange order books – the most since September 10 – on Tuesday. The four-month high in outflows corresponds to short-term optimism as it appears that bullish sentiment is starting to return to the crypto market, at least over the short term. Technical indicators suggest that BTC is at its most oversold level since December, which could encourage some traders to buy on the dip, although upside could be limited toward $45,000. Bitcoin dipped below $40,000 for the first time since late September a day earlier. Ether, the world’s second-largest cryptocurrency by market capitalisation, gained 5.40 percent to reach $3,297. With this increase in price, the market capitalisation of ETH has reached $388 billion. Ether tested $3,000 a day earlier but buyers managed to defend this level. On the other hand, XRP price went 4.52 percent up to $0.776. The market capitalisation of XRP stands at $77.5 billion with this increase.
