Bitcoin Trades Above Its 200 DMA Of Over $46000; Solana Tops As The Ninth Most Valued Crypto

Bitcoin, the largest, oldest and most valuable crypto by market capitalisation traded at a price of above $48000. After the Fed Chair Jerome Powell came up with the dovish stance at the crucial Jackson Hole symposium, dollar inched lower and propelled bitcoin and other cryptos higher. Notably, at the event he provided for no clear timeline to begin tapering the US Fed's $120 billion bond buying programme.

Last at around 8:35 am IST, Bitcoin traded firm at $48,419, meanwhile Solana's SOL digital token entered the club of the crypto universe' 10 most valued digital coins after there is seen a high institutional interest as well as boom in non-fungible tokens (NFTs) and decentralized finance (DeFi).

As per the data source Messari, the crypto commanding a price of $93 has a market capitalization of $26.86 billion, or the ninth-largest in the crypto markets and ahead of polkadot's $25.7 billion, per data source Messari. Solana's price hit a record high of $96 early today and has more than doubled since Aug. 15.

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