Crypto Price Today: Avalanche, Solana, and Dogecoin rise up to 6% as Bitcoin briefly passes $26,000

As Bitcoin and other tokens extended their gains for the third consecutive day, optimistic sentiments persisted in the cryptocurrency market. The gains were however limited, and some coins experienced some profit booking during the early Asian trading hours.

After the worldwide fallout caused by the American banking sector, traders believe that the worst is behind the market for digital tokens. Additionally, the US inflation data came in as predicted, suggesting that the US Fed will likely abandon its aggressive rate increase plans.

Before giving up some of its gains, Bitcoin momentarily reached a market high of $26,000. The biggest cryptocurrency coin was last seen at a price below $25,000. A few altcoins increased by up to 35% compared to blue-chip currencies.

The biggest cryptocurrency in the world, Bitcoin, has increased by more than 12% in the past week. The UK government’s bailout of Silicon Valley Bank has sparked optimism among investors, which may have increased purchasing activity.

“According to the most recent data, US consumer inflation has decreased but is still high, which may encourage the Fed to maintain its hawkish attitude. If macroeconomic conditions stay favourable, Bitcoin may shortly test the $30,000 level.

Every other well-known cryptocurrency token saw gains on Wednesday, with the exception of stablecoins tied to the US dollar and Tron. Avalanche increased by about 6%, while Bitcoin increased by 5%. Each of Litecoin, Solana, and Polkadot saw a 4% increase.

The market capitalization of all cryptocurrencies was moving higher at $1.10 trillion, up more than 2% over the previous day. However, the overall trading amount increased by over 13% and approached $102,40 billion.

By surging over $26,000, Bitcoin hit its highest point in nine months. This was brought on by some encouraging inflation statistics and the banking industry’s ongoing recovery from a situation that was almost catastrophic.

“Bitcoin is still up 81% from its lowest cycle, despite eventually giving up some of its gains. Ethereum has also been on the rise, breaking through a significant resistance mark of $1,700. An overall bullish sentiment is indicated by the market’s recent favourable events,”