Leading cryptocurrencies gained on Wednesday, defying stock decline amid higher-than-expected inflation data.
| Cryptocurrency | Gains +/- | Price (Recorded at 7:45 p.m. ET) |
| Bitcoin BTC/USD | +1.68% | $97,612.38 |
| Ethereum ETH/USD | +4.27% | $2,718.34 |
| Dogecoin DOGE/USD | +4.11% | $0.2628 |
What Happened: Bitcoin sailed above $98,000, following a 31% jump in trading volume. The leading cryptocurrency has lost 4.46% of its value since February began, compared to an average monthly return of 14.11%.
Ethereum hit the upper reaches of $2,700 following a 4.27% increase in the last 24 hours. The second-largest cryptocurrency also recorded a 30% jump in trading volume.
In the past 24 hours, 137,999 traders were liquidated, with total liquidations at $308.36 million. More than $162 million was accounted for long liquidations.
Bitcoin's Open Interest rose by 0.84% in the last 24 hours. The long exposure fell sharply, with 58% of Binance futures traders betting on the cryptocurrency's increases, down from 69% a day ago.
Market sentiment remained in the "Neutral" zone, according to the Crypto Fear & Greed Index.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 7:45 p.m. ET) |
| PancakeSwap (CAKE) | +36.32% | $2.66 |
| Onyxcoin (XCN) | +30.71% | $0.02474 |
| Sonic (S) | +21.04% | $5486 |
The global cryptocurrency market capitalization stood at $3.23 trillion, gaining 2.47% in the last 24 hours.
Major stock indexes sank on Wednesday. The Dow Jones Industrial Average tumbled 225.09 points, or 0.50%, to close at 44,368.56. The S&P 500 fell 0.27%, ending at 6,051.97. The tech-focused Nasdaq Composite reported a marginal gain of 0.03% to close at 19,649.95.
The decline followed the hotter-than-expected January Consumer Price Index, adding to inflationary concerns. CPI rose 3% on a year-over-year basis in January, missing expectations of 2.9%
Investors priced in a 97% chance of the Federal Reserve keeping interest rates unchanged during the next meeting in March, according to the CME FedWatch tool.
See More: Best Cryptocurrency Scanners
Analyst Notes: Popular cryptocurrency analyst and trader Ali Martinez drew attention to a state of "anxiety" among Ethereum investors as the cryptocurrency struggled to reclaim $3,000.
"A decisive move above this level could restore confidence," the analyst predicted.
Martinez described $97,800 as a key resistance level for Bitcoin, as about 119,400 BTC were accumulated at the level.
"The longer Bitcoin stays below this price, the more likely investors may look to exit to manage risk," he added.
Photo by CMP_NZ on Shutterstock
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