On Wednesday, the price of cryptocurrencies rose further as buyers were observed in all the major markets.
The price of Bitcoin, which increased by 0.74% from the day before, was hovering around the $16,864 level as it celebrated its 14th birthday in peace. Solana maintained its massive run, soaring by over 17% on the back of favorable coin sentiment.
According to Shivam Thakral, CEO of BuyUcoin, "the market has started 2023 on a positive note and it is projected to retain this pace if we don't get any shocking news stories."
On Wednesday, the majority of the other popular crypto coins were trading at higher prices.
Cardano increased by 3.78%. Additionally trading higher were Ethereum, Binance, Dogecoin, Polygon, and Litecoin. Tether, XRP, and Tron, however, were all trading at a loss.
The market capitalization of all cryptocurrencies was up roughly $818.75 billion, or 1.22%, over the previous 24 hours.
DeFi's 24-hour volume is approximately $2.12 billion, or about 6.89% of the entire crypto market. Stablecoin volume as a whole is currently $28.37 billion, or 92.24% of the 24-hour volume of the whole crypto market.
The market cap of Bitcoin, the biggest cryptocurrency in the world, was almost $324 billion, with a dominance of about 39.63%, a decline of 0.23% day over day.
nearly 60% of circulating Bitcoin hasn't moved in a year, demonstrating that the trust in the asset remains rock solid. "Looking at the historical growth of Bitcoin, we find that it has thrived victoriously through multiple bull and bear market cycles. We are confident that Bitcoin will continue to emerge victorious and see greater heights in the future," Raj Karkara, COO of ZebPay said.
Just two months after the financial industry was shocked by the collapse of cryptocurrency exchange FTX, U.S. regulators cautioned banks on Tuesday that they should be more cautious about the risks of fraud, confusion in the law, and misleading disclosures by crypto businesses.
The Federal Reserve, Federal Deposit Insurance Corp (FDIC), and Office of the Comptroller of the Currency (OCC) issued their first joint statement on cryptocurrencies in which they expressed their worries about the safety and soundness of bank business models that are highly correlated.