Bitcoin bulls had reason to celebrate yesterday, as the world's leading cryptocurrency, Bitcoin (BTC), flexed its muscles in a strong trading session.
The digital coin surged by 1.5%, closing the day above the significant threshold of $26,400. The majority of these gains came after the trading day concluded in the United Kingdom. The timing was impeccable, coinciding with tech behemoth Nvidia's impressive revenue performance.
NVIDIA Corporation (NASDAQ:NVDA), already a prominent player in the realm of U.S. blue-chip stocks, experienced an even greater surge, propelling the tech-focused Nasdaq index 1.37% higher.
This star-studded performance from U.S. equities had an evident impact on the world of cryptocurrency, injecting a sense of relief into what had been a lackluster week for the crypto market.
Despite this positive turn, Bitcoin remains down by 7.4% on a week-on-week basis. The decline was exacerbated by subdued trading volumes and a prevailing indifference among investors toward digital assets. Yet, against the odds, Bitcoin managed to hold onto its gains from the previous day during the Asian trading session.
The BTC/USDT pair edged slightly higher, testing the $26,500 price level. Meanwhile, Ethereum witnessed a 2.7% surge on Wednesday, closing at $1,679 before slightly retracing to $1,674 during the morning trades.
While the broader altcoin space basked in the afterglow of Bitcoin's rally, their performance over the past week has been less than stellar. Notably, Ripple (XRP), Polygon (MATIC), Litecoin (LTC), and Avalanche (AVA) have all faced double-digit losses over the past seven days.
Wrapping up the day's market snapshot, the global cryptocurrency market capitalization stands at $1.07 trillion, recording a 1.5% overnight increase.