In cryptocurrencies, Bitcoin price today gained with the world’s largest and most popular digital token trading almost flat with a positive bias at $16,871. The global cryptocurrency market cap today remained below the $1 trillion mark, as it was almost flat in the last 24 hours to $847 billion, as per the data by CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, was almost flat at $1,220. Meanwhile, dogecoin price today was trading over a at $0.07 whereas Shiba Inu was down at $0.000008.
“The price of Bitcoin remained below the $17,000 mark over the weekend. In the past few days, Bitcoin has faced resistance on both sides, indicating a lack of consensus among market participants. If Bitcoin can close above the $16,900 level, it may resume its previous upward trend. Meanwhile, Ethereum has been relatively stagnant over the weekend, lacking the momentum for a significant price shift. It is currently trading in a narrow range without any clear bullish or bearish signals. If the price moves above the support level of $1,230, it could potentially see an upward trend,” said Edul Patel, CEO and Co-founder of Mudrex.
Other crypto prices’ today performance such as Binance USD, Avalanche, Tether, Terra, Solana, Polygon, Stellar, XRP, Cardano, Litecoin, Polkadot, Chainlink, ApeCoin, Tron, Solana, Uniswap prices were also flat over the last 24 hours.
Cryptocurrencies have had a harsh 2022 after reaching record highs late last year, buffeted by everything from the Fed’s policy tightening to the implosions of the Terra/Luna ecosystem, hedge funds Three Arrows Capital and exchange FTX. Digital assets have suffered mightily this year as the Federal Reserve and other major central banks around the world have raised interest rates to fight historic inflation.
The collapse of FTX last month was the most shocking in a series of closures of key market players this year including Celsius and Voyager, major tokens terraUSD and Luna that have shaken investment sentiment.
(With inputs from agencies)
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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