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. Similarly, Cardano (ADA) price jumped 8.43 percent to hit $1.25. Its market capitalisation has reached $41.1 billion with this increase.
Following suit, Dogecoin (DOGE) price inched up by 0.26 percent to reach $0.156. With this increase in price, the market capitalisation of DOGE has reached $20.8 billion. Meanwhile, a number of Hollywood darlings are being sued by an investor over their role in promoting cryptocurrency Ethereum Max, which soared with their backing over the summer but plunged after the hype died out.
A class-action complaint regarding the controversial cryptocoin was filed last Friday in the US District Court for the Central District of California. The action is against reality TV star Kim Kardashian, boxer Floyd Mayweather and former basketball pro Paul Pierce, as well as the co-founders of Ethereum Max and several others.
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