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On Wednesday, the bitcoin market was seeing volatile activity. While BNB, Litecoin, Polkadot, and Solana had minor losses in trading, Bitcoin, Ethereum, XRP, and Cardano all saw increases.

Ethereum (ETH) was trading below the $1,950 mark while Bitcoin (BTC) increased by 1.17% to $31,021. BTC volume increased by 47.24% over the past 24 hours to reach about $16.17 billion.

The cryptocurrency market experienced a stunning upswing in the last day, with a total volume of $37.82 billion, representing a stunning 25.34% rise. In particular, the DeFi industry generated $2.94 billion, or 7.78% of the market's total volume.

Because of the euphoria around the application for a Bitcoin ETF, Bitcoin surged beyond the $31,000 mark, heightening the excitement. This accomplishment raises hope and enthusiasm for the bitcoin sector.

The market capitalization of all cryptocurrencies was around $1.22 trillion, up 0.97% over the previous day.

The largest cryptocurrency in the world by market cap, Bitcoin, was valued at almost $602 billion. According to CoinMarketCap, Bitcoin presently has a 49.56% market share, up 0.18% from the previous day.

BTC has been fluctuating between $30 and $31.5k for about two weeks at this point. The stability of BTC suggests that the bears' hold is loosening. It is no longer a question of 'if' but when BTC will break beyond the psychological barrier of $31.5k and record another 14-month high.