SUMMARY
Most cryptocurrencies gained on Wednesday. The global crypto market cap stood at $857.8 billion, with a volume of nearly $35 billion in the past 24 hours.
Bitcoin | The world's largest and most popular virtual currency, Bitcoin, rose 1.5 percent to $17,457.2. Its market value stood at $336.3 billion. The trade volume was at $15.9 billion.
"This surge (in bitcoin) could be attributed to the accumulation of whales over the past two days. If bitcoin can continue this upward movement, it may reach the resistance level of $17,500 by the end of the week," said Edul Patel, CEO and Co-Founder of Mudrex.
Ethereum | The second largest virtual currency, Ethererum or Ether, rose nearly a percent to $1,337.4 with a market capitalisation of $163.7 billion. The trade volume of Ethereum was $5.8 billion in the last 24 hours.
On Ethereum, Patel said, "After successfully implementing the Merge, Ethereum is preparing for the launch of its Shanghai public testnet in February. This is expected to improve the Ethereum network's capability to handle high-volume transactions while cutting costs."
Dogecoin | Meme-based virtual currency, Dogecoin, increased 0.9 percent on Wednesday. Its market value stood at $10.3 billion. The trade volume was at $483.5 million.
Shiba Inu | Shiba Inu jumped four percent with a market capitalisation of $5 billion. The trade volume was $420.2 million in the last 24 hours.
Solana | Solana fell nearly a percent to $16 with a market capitalisation of $6 billion. The trade volume of Solana was $819 million in the last 24 hours.
Polygon | Polygon rose 1.1 percent with a market capitalisation of $7.5 billion. The trade volume was $245.7 million in the last 24 hours.