ISLAMABAD: The cryptocurrency market remained positive for the third day in a row on Wednesday, with the market capitalization gaining 1.6 percent to reach $2.88 trillion as of 1135 hours GMT.
Bitcoin, the largest cryptocurrency, inched down 0.36 percent to reach $63,080. With this decrease in price, the market capitalization of the biggest cryptocurrency has reached 1.188 trillion. Bitcoin hit one-week highs of $63,400 a day earlier.
However, ether (ETH) price gained 2.66 percent to reach $4,569. With this increase in price, the market capitalization of ETH has reached $536 billion. Ether price set up a new high at $4,643 during the trading.
Similarly, the XRP price increased by 6.60 percent to reach $1.19. The market capitalization of XRP stands at $119 billion after this increase.
On the other hand, Cardano (ADA) price jumped by 7.77 percent to reach $2.13. Its market capitalization has reached $68.9 billion with this increase.
On the other hand, Dogecoin (DOGE) edged down by 0.36 percent to reach $0.273. With this decrease in price, the market capitalization of doge has reached $35.9 billion.
According to experts, the bitcoin price has been consolidating for more than ten days and shows no signs of a directional bias. The bitcoin price rose 8 percent between November 1 and November 2 and pierced into the liquidity zone, ranging from $62,614 to $63,699.
They said that investors can expect BTC to head lower, to the immediate support level at $60,000. A daily close below this level will suggest that the down-swing will continue. In such a case, the biggest crypto will revisit the demand zone ranging from $56,629 to $58,587.
This barrier will be crucial in determining the directional bias, a breakdown of which will reveal that BTC is headed to $53,000. On the other hand, if the bitcoin price bounces off the demand zone at $56,629 to $58,587, it will indicate that the buyers are fighting for control. However, a daily close above $63,788 or $64,000 will reveal that an uptrend is likely. Bullish confirmation would come from a retest of the same level. In such a case, BTC will head toward the $70,000 psychological level.
Unlike bitcoin, ether price set up a new high at $4,643. The investors could expect ETH to retest $5,000 in the coming days, especially if BTC continues to consolidate. In a highly bullish case, the ascent could extend beyond this barrier due to its deflationary nature after the recent network upgrades.