Bitcoin, Ethereum, Others Rise as Dollar Index Jumps
By Adedapo Adesanya
The cryptocurrency market witnessed an uptick on Wednesday, with Bitcoin (BTC) managing to stay above the $26,000 level even as the US Dollar index rose to a new year-to-date high.
Data obtained by Business Post showed that the most valued crypto, BTC, posted a 0.7 per cent appreciation during the midweek session to trade at $26,408.37 in the last 24 hours.
On the part of the second-most valued digital coin, Ethereum (ETH), it remained in the $1,600 mark and it improved its value yesterday by 1.6 per cent to sell at $1,610.94.
At the trading session, the US Dollar Index continued its march higher, hitting 106.1 points, its highest since November 2022.
Since hitting 15-month lows in July, the Dollar index has climbed 6.5 per cent and hampered risk asset and crypto market performance.
Market analysts warn that the rise of the Dollar index poses a threat to investors’ appetite for crypto and other risk assets.
A look at the other tokens showed that Solana (SOL) made a 1.3 per cent appreciation on Wednesday to trade at $19.16, followed by Dogecoin (DOGE), which made a 0.4 per cent rise to sell at $0.0607, and Binance Coin (BNB), which increased its price by 0.2 per cent to quote at $212.88, while Ripple (XRP) recorded a 0.1 per cent growth to trade at $0.4998, with Cardano (ADA) also adding 0.1 per cent to settle at $0.2446.
Conversely, Litecoin (LTC) depreciated during the trading day by 0.1 per cent to finish at $63.80, and the US Dollar Tether (USDT) went down by 0.03 cent to close at $0.9991, while Binance USD (BUSD) remained unchanged at $1.00.