Cryptocurrency price: Bitcoin gains over 5%, Ether up 1.5% on positive global markets

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Most cryptocurrencies extended gains on Wednesday amid positive trends across major global markets.

World’s most popular and largest cryptocurrency Bitcoin was trading 5.5 percent higher at $23,290.2 at 8:42 am, above the one month high mark. Bitcoin’s market capitalisation was at $445.6 billion, while the trade volume was at $46.4 billion in the past 24 hours.

A WazirX analyst said, “On the daily time-frame, the BTC trend has broken out of the descending triangle pattern. The next key resistance level for BTC is expected at $32,300.”

Second-largest virtual currency Ether was 1.5 percent up at $1,545.3 with market capitalisation of $188 billion. Trade volume of Ethereum was $24 billion in the last 24 hours.

Edul Patel, CEO and co-founder of Mudrex, said, “There might be many reasons for the surge , but one of the prominent reasons could be the Merge. The market’s overall momentum appears bullish as investors’ sentiment continues to rise.”

Meme crypto Dogecoin was 3.9 percent up with a trade volume of $505.61 million in 24 hours. Shiba Inu was trading 4.9 percent higher at $0.000012 while Solana was almost 4.1 percent up at $45.1 billion.

Indian headline indices made a gap-up start on Wednesday tracing gains across other major Asian equities.