Bitcoin holds steady while Ethereum floats below key support line

Bitcoin is holding steady as we hit the middle of the week, having barely moved from US$19,100 in the past 24 hours, and we’re unlikely to see a great deal more price action in the short term.

Ethereum is looking a bit more active, having jumped 1.3% on the day.

Those in long ETH positions will be banking on a break above the US$1,300 barrier, where it’s sitting just a whisker short at the time of writing.

While that could happen in today’s session, an extended rally beyond that is also unlikely given the neutral position of the relative strength index.

A neutral RSI (lower graph) suggest little short-term price volatility – Source: currency.com

Top altcoin movers in the past 24 hours included Huobi Global’s HT token, which rallied another 20% following news of a majority stake acquisition by About Capital Management.

HT’s market capitalisation has now reentered the US$1bn club for the first time since June.

Hedera (HBAR), a mid-cap blockchain network with a market cap of US$1.47bn, also performed well with a 9% rally, while decentralised finance (DeFi) projects Convex Finance and MakerDAO were among the top movers too.

Downtrending altcoins this Wednesday include Bored Ape Yacht Club’s APE token at -8.5%, Stella (XLM) at -4.8%, the Uniswap decentralised exchange at -3.6%, and the Cosmos network’s ATOM token at -2.2%.

Total global market capitalisation currently stands at US$923bn, while total value locked across all DeFi protocols is a little over US$54bn.