KEY POINTS

  • Bitcoin, Ether gain
  • Top tokens back in green
  • Market cap goes up

Top cryptocurrencies were trading slightly up on Wednesday after a day of loss. Industry insiders remain optimistic about the future of cryptocurrencies in the long run.

The global market cap was up 0.80% at $1.27trillion, as of 3.22 a.m. ET, CoinMarketCap data showed.

Bitcoin rose 1.39% to $29,784. Ethereum, too, gained slightly to $1982.

As per WazirX's daily analysis, ETH against BTC, however, dropped by 0.3% as Bitcoin’s dominance index maintained its level above 45%. "The next resistance for ETH-BTC is expected at 0.077 and immediate support is expected at 0.064 levels," the Indian exchange told International Business Times.

Most of the top 10 tokens traded higher while some were marked by slight drops.

Even as uncertainties surround confidence in the digital asset market, leaders of financial institutions still maintain a strong belief in the importance that crypto holds in the long term.

IMF Managing Director Kristalina Georgieva highlighted the crucial role of digital assets in today’s world and urged people not to pull out of it even as the industry faces strong headwinds—instead, she encouraged greater education and regulation in the still-nascent sector.

"Such sentiment and clarity from policymakers will boost trust in the sector at large, enabling greater opportunity for the crypto industry to mature," CoinDCX told International Business Times.

The Central African Republic plans to debut the first legal crypto investment hub in the continent.

The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.

Souvenir tokens representing cryptocurrency Bitcoin plunge into water in this illustration taken May 17, 2022.
Souvenir tokens representing cryptocurrency Bitcoin plunge into water in this illustration taken May 17, 2022. Reuters / DADO RUVIC
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