BTC holds above $43.5K; Solana breaks $100 barrier
By Laxmikant Khanvilkar
Leading virtual digital assets (VDA) have returned to trading on a positive note, after taking a day break to celebrate Christmas, on hopes early pivot by the U.S. Federal Reserve following the latest macro indicators such as the US CPI and PCE inflation data.
Traders observed these releases as supportive for bullish movements in cryptocurrency. Besides, the Securities and Exchange Commission (SEC) asking Bitcoin ETF applicants to complete necessary changes on a priority basis is also guiding the market higher.
In the past 24-hours, Bitcoin (BTC), the largest cryptocurrency by market capitalisation, hold on to $43.500 mark. It was recently trading at $43,521, up 1.7%. Ethereum (ETH), the second largest cryptocurrency, is recently seen changing hands at $2,270, up 0.5%.
Large-cap tokens of XRP, Solana, Cardano, Binance, etc were sitting in profits. The Solana blockchain’s native token SOL broke $100 Saturday, reclaiming a price level not seen since the eve of Terra’s collapse a year and a half ago. Recently, the SOL was valued at $119, gaining 8.8%.
As a result, the global crypto market cap increased by 1.5% to $1.67 trillion in the last 24 hours. Simultaneously, the total crypto market volume rose 18.4% to $76.3 billion. Total volume in DeFi is currently $7.4 billion, and all stablecoins are $69 billion, representing 9.7% and 90.4%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 50.6%, down 0.15% over the day.
The IC15 index, the barometer of the top fifteen tokens, surged 1.63% to 56,075.
Meanwhile, in an interesting update, the Japanese cabinet approved a proposal by the ruling Liberal Democratic party to end taxation of unrealized cryptocurrency gains in a move that is likely to boost the development of the country’s Web3 industry, CoinDesk Japan reported.
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