SUMMARY
Cryptocurrencies gained on Tuesday. The global crypto market cap stood at 1.18 trillion, with a volume of $40.60 billion in the last 24 hours. "In the past 24 hours, Siacoin (SC) and Push Protocol (PUSH) have been the top gainers on WazirX," said Rajagopal Menon, the vice-president of WazirX.
Bitcoin | The world's largest and most popular virtual currency, Bitcoin, gained nearly 3.6 percent to $28,317. Its market value stood at $548.88 billion. The trade volume was at $18.30 billion.
"Bitcoin breaks $28K after a 5-day decline, led by First Republic Bank's $100 billion deposit loss, raising banking stability concerns. Cryptos rise amid regional banking implosions, with $11.3 million BTC shorts liquidated, triggering short squeezes. Ether is stable at $1,870, up 1.8% from Monday," said Rajagopal Menon, vice-president of WazirX.
Meanwhile, Edul Patel of Mudrex said, "Over the last 24 hours, Bitcoin surpassed the US$28,000 mark as investors responded favourably to the fairly optimistic Q1 earnings report from Alphabet and Microsoft. Additionally, the spike in Bitcoin's value may also be attributed to concerns regarding banking stability after First Republic Bank revealed a loss of $100 billion in deposits during their Q1 earnings presentation on Monday."
Ethereum | The second largest virtual currency, Ethererum or Ether, gained nearly 1.9 percent to nearly $1,866.57 with a market capitalisation of $218.62 billion. The trade volume of Ethereum was $9.08 billion in the last 24 hours.
Dogecoin | Meme-based virtual currency, Dogecoin, gaiend 1.85 percent on Wednesday. Its market value stood at $11.12 billion. The trade volume was at $360.07 million.
Solana | Solana gained 3.9 percent to $21.9 with a market capitalisation of $8.56 billion. The trade volume of Solana was $363.66 million in the last 24 hours.
Shiba Inu | Shiba Inu gained nearly 1.9 percent with a market capitalisation of $6.11 billion. The trade volume was $123.28 million in the last 24 hours.
Polygon | Polygon gained 2.7 percent to $0.999 with a market capitalisation of $9.23 billion. The trade volume was $473.49 million in the last 24 hours.