Bitcoin and Ethereum were relatively unchanged as investors stayed on the sidelines following a roller-coaster two weeks in global markets, with so called bargain prices tempting only the bravest.
Bitcoin rose 1.5% to US$20,402, holding for now above its key US$20,000 support level. Its closest rival by market value, Ethereum, advanced 0.6% to US$1,089.
“The crypto king is holding on to its ground, while crypto traders are praying that price doesn’t violate its recent lows," Naeem Aslam, Avatrade chief market analyst, said.
“One thing is pretty sure, retail traders are pushed into the corner as the era of cheap money has finished and the next move in the Bitcoin price will be driven by professional traders.”
Digital currencies echoed wider global markets, with the tech-heavy American Nasdaq – which cryptos are most closely correlated – closing just 0.2% lower on Wednesday.
There was also little activity in European markets on open, with all main indices relatively flat.
Bitcoin is approximately 70% below all-time highs, while Ethereum has been changing hands more than 75% lower than peaks enjoyed in November.
86 of the leading 100 coins were trading in the green.
But on the whole, by crypto’s volatility standards, there were not too many big price changes to note.
Solana and Shiba Inu jumped 5.9% and 6.4% respectively, while Polygon rocketed 25%.
Most notable to buck the trend amongst the big-hitters were Hedera and Waves, which fell 2.0% and 3.2% respectively.
Further down the pecking order, Synthetix sunk 9.1% as it just about hang on to a top 100 spot.