Crypto Price Today: Bitcoin holds $30,000

Bitcoin and other crypto tokens were trading with positive bias after a mildly encouraging inflation report. Ethereum posted decent gains after the unveiling of the Ethereum Shanghai upgrade. Many investors had been looking for both cryptos to react more strongly to Wednesday's events.To get more news about crypto token, you can visit wikifx.com official website.

Bitcoin was able to hold the $30,000-level as the largest crypto token was trading slightly higher in the early hours. Its largest peer, Ethereum, gained more than 2 per cent to reclaim the $1,900 mark. Altcoins outperform blue-chip crypto tokens.

In the last 24 hours, several cryptocurrencies experienced a slight increase in value. This can be attributed to mildly encouraging inflation data and the Ethereum Shanghai upgrade. Bitcoin traded above the $30,000 level, and its resistance is currently set at $30,500, said Edul Patel, Co-founder and CEO at Mudrex.

"This suggests that the market is currently bullish. However, BTC's support level is at $29,900. Meanwhile, Ethereum has begun a new phase of staking withdrawals. ETH has seen trading at the $1,900 level, with resistance at $1,943 and support at US$1,820," he said.Barring the US dollar-pegged stablecoin Tether and XRP, all other top crypto tokens were trading higher on Thursday. Solana rose more than 5 per cent, whereas Cardano and Avalanche advanced 4 per cent, each. Tron jumped 3 per cent, while Dogecoin was also among the top gainers.

The global cryptocurrency market cap was trading decently higher, around $1.23 trillion, rising more than a per cent in the last 24 hours. However, the total trading volumes gained more than 8 per cent to $46.06 billion.

The overall crypto market remained upbeat after inflation data showed signs of cooling down. BTC is holding strong above the $30,000 mark while Ethereum surged by over 2 per cent to hit $1,900, said Shivam Thakral, CEO of BuyUcoin.

"ETH outperformed BTC in the last 24 hours due to the euphoria around the latest update which will make ETH staking highly flexible. The unlocking of ETH will boost market liquidity which is expected to make the blockchain more secure and will have a positive impact on ETH prices in the long term," he said.

The much-awaited Shanghai upgrade and the US inflation numbers had a rub-on impact on Bitcoin and Ethereum prices. Fears of recession after the banking crisis in US FOMC minutes also pushed the prices higher.

In alignment with Glassnode’s prediction, we don’t see any selling pressure on ETH. Around half an hour after the Shanghai upgrade was activated, around 285 withdrawals had been processed for about 5,413 ETH, worth about $10 million, said Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch.

"In high spirits, investors and blockchain developers have already begun mapping the next steps, i.e., the Verge, Purge, and the Scourge. We can expect more moves to positively impact investor sentiment and boost market performance," he said.