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Cryptocurrency Roundup: Bitcoin and Ethereum Surge, Akash Network Leads Gains
The cryptocurrency market witnessed a surge in prices on Wednesday, with Bitcoin (BTC) and Ethereum (ETH) posting significant gains. At the time of writing, the global crypto market capitalization had climbed to $2.29 trillion, marking a 24-hour increase of 0.5%.
Bitcoin Bulls Charge Ahead
Bitcoin (BTC), the leading cryptocurrency, continued its bullish momentum on Wednesday, surpassing the crucial $63,000 level. The cryptocurrency traded 0.5% higher, reaching $63,046. This rally has bolstered investors' confidence in the long-term prospects of BTC.
Ethereum Gains Steady Traction
Ethereum (ETH), the second-largest cryptocurrency, also recorded notable gains, breaking above the $3,000 mark. ETH rose by around 0.2% to trade at $3,070, indicating a growing demand for the smart contract platform.
Akash Network Shines as Top Gainer
Akash Network (AKT), a decentralized cloud computing platform, emerged as the top gainer over the past 24 hours. AKT surged by 9.6%, reaching a price of $3.85. Investors are recognizing the potential of Akash's blockchain-based cloud infrastructure solution.
Top 10 Crypto Gainers and Losers
In addition to Akash Network, other notable gainers in the past 24 hours included:
- Bitget Token (BGB): 7.6%
- NEAR Protocol (NEAR): 7%
- Axelar (AXL): 5.7%
- Celestia (TIA): 3.3%
Meanwhile, the biggest losers included:
- Stacks (STX): 6%
- Render (RNDR): 5.5%
- Neo (NEO): 5.3%
- Conflux (CFX): 4.8%
- Ondo (ONDO): 3%
Analysts Optimistic About Crypto Outlook
Cryptocurrency analysts remain optimistic about the long-term prospects of the market. Many believe that Bitcoin and Ethereum are well-positioned to continue their upward trajectory, driven by increasing institutional adoption and the growing popularity of decentralized finance (DeFi) and non-fungible tokens (NFTs).
Conclusion
The cryptocurrency market is experiencing a period of growth and momentum, with Bitcoin and Ethereum leading the charge. Altcoins are also posting gains, with Akash Network emerging as a standout performer. As the market continues to evolve, investors should exercise caution and conduct thorough research before making any investment decisions.
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