On Wednesday, when trading resumed, Bitcoin increased by as much as 3% to reclaim the 29,000-dollar level and Ethereum increased by more than 2% to surpass $1,850.

Following Fitch’s action on Wednesday, the price of bitcoin and other popular crypto coins increased. The US’s long-term ratings were lowered by the worldwide rating agency from AAA to AA+. This downgrading occurs just as businesses are announcing comparatively strong earnings.

The biggest cryptocurrency token, Bitcoin, was back in trade on Wednesday, rising as much as 3% to reclaim the 29,000-mark. However, Ethereum, its biggest rival, was trading higher as it increased by more than 2% and moved above the $1,850 levels. Most altcoin trades were positive.

In the last 24 hours, the price of bitcoin has risen above $29,000. The move of MicroStrategy to sell $750 million worth of equities and use the proceeds to buy more bitcoin may be responsible for this increase. The recent rating of the US currency by Fitch, signalling worries about debt and fiscal deterioration, may also play a role.

It’s interesting how this situation contrasts sharply with how businesses reacted when S&P downgraded US debt in 2012. The Litecoin hardening event is currently being highly anticipated by investors. Ethereum, on the other hand, has been fluctuating in price between $1,800 and $1,900 over the previous week and is presently trading at about $1,867.

On Wednesday, all major crypto coins were trading upward, with the exception of Tether, which is tethered to the US dollar. Litecoin and BNB each rose 3%, while Polygon increased by roughly 4%. Early in the day, the prices of Cardano, XRP, Dogecoil, and Polkadot were all trading 2% higher than usual.

The market capitalization of all cryptocurrencies was trading noticeably higher, climbing to the $1.19 trillion milestone after increasing by more than 2% during the previous day. The entire trade volume did, however, increase by roughly 32% to $39.93 billion.

After overnight reaching a low of $28,500, Bitcoin (BTC) has now reversed its bearish trend. It is currently trading close to $30,000, a crucial barrier level that must be overcome for bullish price action. The market will soon be dominated by Bitcoin in terms of volatility and movement, since BTC dominance has once more reached 50%.

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