Crypto Price Today: Bitcoin holds above $29,200 ahead of FOMC outcome; XRP, Dogecoin rise up to 3%

Ahead of the US Federal Reserve's monetary policy decision, the cryptocurrency markets were majorly trading higher on Wednesday.

Bitcoin (BTC) rose 0.22% to $29,212, whereas Ethereum (ETH) was just above the 1,850 level. BTC volume stood at approximately $10.78 billion, falling 26.09% in the last 24 hours.

"Bitcoin's value remained below the US$29,500 threshold as investors eagerly awaited the U.S. Federal Reserve's decision, scheduled for later today. Although BTC experienced a dip to a one-month low at the beginning of the week, it has been gradually rebounding," Edul Patel, Co-founder and CEO at Mudrex, said.


Other top crypto tokens, XRP, BNB, Dogecoin, and Solana were also trading higher. Meanwhile, the global cryptocurrency market cap was trading higher, around $1.18 trillion, rising 0.40% in the last 24 hours.

The total volume in DeFi is currently at $2.38 billion, 8.99% of the total crypto market 24-hour volume. The volume of all stablecoins stood at $23.96 billion, which is 90.48% of the total crypto market 24-hour volume.

The market cap of Bitcoin, the world's largest cryptocurrency, was around $568 billion. Bitcoin's dominance is currently 48.32%, a decrease of 0.08% over the day, according to CoinMarketCap.

"BTC was able to maintain the $29k price mark even amidst a bearish sentiment amongst traders, especially after a 3% dip on Monday. If we compare BTC's current price action with its historical performance during the last bull run, BTC found support around the $28-30k levels around May'21 - Jul'21. Studying this comparison, a longer stay around the current price levels can be expected," Shubham Hudda, Senior Manager at CoinSwitch, said.

Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 12.50 hours, IST on July 26, 2023)

Bitcoin $29,212 0.22%

Ethereum $1,852 0.05%

Tether $0.9999 -0.06%

BNB $238 0.14%

XRP $0.7002 1.98%

Cardano $0.3019 -0.67%

Dogecoin $0.08038 3.29%

Solana $23.45 1.15%

Polygon $0.7057 -2.42%

Litecoin $89.57 0.37%

Polkadot $5.19 -0.03%

Tron $0.08174 0.06%

Shiba Inu $0.000007891 1.12%

(Note: Price change in last 24 hours)

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