The cryptocurrency market experienced a surge in prices on Wednesday, with the largest digital currency, Bitcoin (BTC), rising over 4% to nearly $27,000 amidst SEC lawsuits against crypto exchanges Coinbase and Binance. Additionally, Ethereum (ETH) saw growth, surpassing the $1,850 mark. The increase in BTC’s trading volume to $23.77 billion indicates a 17% uptick in the last 24 hours.
Shubham Hudda, the Senior Manager at CoinSwitch Markets Desk, stated that the crypto market’s resilience despite recent lawsuits allowed for this positive development. The crypto fear and greed index also returned to neutral territory, increasing by 9 points since June 6th.
Cryptocurrencies such as Ethereum, XRP, and Dogecoin also traded in the green, reversing their losses from June 7th. Despite a 2% decline in the last week, industry observers believe that Bitcoin benefits from the SEC crackdown on cryptocurrency exchanges and the classification of some tokens, such as Cardano, Polygon, and Solana, as securities. These developments may have driven some traders to return to dealing with Bitcoin.
Ethereum, the second-largest virtual currency, gained momentum and surged over 3.6% to $1,878.35, with a market capitalization of $225.71 billion. Trading volume reached $9.06 billion in the past day. Dogecoin experienced a similar boost, surging 4.3% to trade at $0.06959, with a market value of $9.71 billion and a trade volume of $428.1 million. Shiba Inu rose 0.75% with a market cap of $4.77 billion during the 24-hour trading period, as per CoinMarketCap data.
Other top crypto tokens, such as BNB, XRP, Solana, and Polkadot, also traded with gains. This surge in prices could be attributed to the industry’s ability to bounce back despite complications from lawsuits and regulatory policies, attracting investors and enthusiasts to remain steadfast in their involvement with the market.
However, it is important to note that while the recent price surge may signal a positive shift in market sentiment, the volatility of the cryptocurrency market remains high. As a result, potential investors should conduct thorough research before committing their resources to digital currencies.
Source: Coingape
