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After a lacklustre start to the week, the cryptocurrency market was trading substantially higher on Wednesday. Investor confidence was raised by the dovish remarks made by US Federal Reserve Chairman Jerome Powell. Powell claimed that the Fed was succeeding in its battle to control inflation.

After gaining roughly 3%, Bitcoin recaptured the $23,000 milestone in the early Asian hours. However, Ethereum, its biggest rival, was also firmly advancing towards the $1,700-level, rising almost 3%. The Graph, Sandbox, and Chiliz all saw daily gains between 30 and 45 percent.

Due to Jerome Powell remarks on lowering inflation and a partnership between Digital Currency Group and Genesis, investors are feeling optimistic, and Bitcoin is now trading above $23,200.

"The immediate support for Bitcoin is at $23,000, while the immediate resistance is at $23,400. In the meantime, Ethereum has held steady at or above $1,600 and appears to be advancing.

On Wednesday, all of the most popular cryptocurrency tokens were trading strongly. While Polygon, Avalanche, Solana, and Tron were each trading up 4%, Polkadot increased by more than 5%. In the first hours of trading, Litecoin and Cardano both increased by 3%.

The market capitalization of all cryptocurrencies was trading higher at $1.09 trillion, up more than 2% over the previous day. However, the overall trade volume increased by close to 24%, reaching $61.69 billion.