Ethereum, Other Altcoins Outperform Bitcoin, As Apex Crypto Finds Footing Above $52,000

Bitcoin price (BTC) is trading 5.2% higher over 24 hours to press time at $52,254 late Wednesday. 

What’s Moving: When the world’s apex cryptocurrency shot above $51,000 late Tuesday it drained the momentum out of altcoins. As of press time, cryptocurrencies besides Bitcoin have found their momentum as well. 

Ethereum (ETH), the second-largest virtual currency by market capitalization, traded 6.8% higher at $1,904.8. Among other smart contract platforms-based cryptocurrencies,  Cardano (ADA) is up 6.8% at $0.91 and Polkadot (DOT) is up 3.7% at $31.95.

See also: Best Cryptocurrency Apps

Litecoin (LTC), a fork of Bitcoin, is up 9.3% at $233.36. The Graph (GRT) has surged 15.4% to $2.28.

Binance Coin (BNB), which backs the Binance cryptocurrency exchange, is up 28% at $166.27. 

Dogecoin (DOGE) remains muted, down 4% at $0.05, following Tesla Inc. TSLA CEO Elon Musk’s calls for whales to divest.

Several DeFi cryptocurrencies are outperforming Bitcoin over 24 hours, with UniSwap (UNI) up 10.2% at $21.91, Aave (AAVE) up 13.2% at $462.22, and Terra up 17.4% at $7.21. 0x traded 6.78% higher at $1.61 and SushiSwap (SUSHI) is up 8.94% at $16.56.

The total value locked in DeFi projects continues to rise, standing at $41.8 billion at press time, as per data from DeFi Pulse.

Why It’s Moving: The momentum in the cryptocurrency market is continuing based on rising institutional investor interest — a factor that analysts have considered key to this rally that took off last July.

Cryptoquant  CEO Ki-Young Ju noted a positive Coinbase Premium trend — even as Bitcoin traded above $50,000 — as a signal that the rally is likely to continue.

Microstrategy Inc MSTR said Wednesday it was upping the target for its debt offering from $600 million to $900 million to fund its purchase of Bitcoin.

Financial website The Motley Fool announced it was purchasing $50 million worth of Bitcoin.

TradingAnalysis.com founder Todd Gordon told CNBC Wednesday that Bitcoin's next resistance level won't come until at about $170,000. Meanwhile, JPMorgan thinks the current Bitcoin price is "unsustainable."

Read Next: Tesla $1.5B Bitcoin Purchase Was Facilitated By Soon-To-Go-Public Coinbase: Report

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CryptocurrencyIntraday UpdateMarketsMoversTrading Ideas0xAaveBinance CoinBitcoincardanoDeFidogecoinEthereumLitecoinPolkadotSmart ContractsSushiSwapTerraThe GraphUniSwap
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!