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In cryptocurrencies, the price of Bitcoin rose today with the world’s largest and most popular digital token trade nearly flat with a positive bias at $16,871. The global cryptocurrency market capitalization remained below the $1 trillion mark today, as it was nearly flat in the past 24 hours at $847 billion, according to data from CoinGecko.
In contrast, Ether, the coin linked to the Ethereum blockchain and the second-largest cryptocurrency, was nearly flat at $1,220. Meanwhile, dogecoin price was trading above $0.07 today while Shiba Inu was down at $0.000008.
Bitcoin price remained below $17,000 over the weekend. Over the past few days, Bitcoin has faced resistance from both sides, indicating a lack of consensus among market participants. If Bitcoin can close above the $16,900 level, it could resume its previous uptrend. Meanwhile, Ethereum was relatively flat over the weekend, lacking momentum for a meaningful price change. It is currently trading in a tight range with no clear bullish or bearish signals. If the price breaks above the $1,230 support level, it could potentially see an uptrend,” said Edul Patel, CEO and co-founder of Mudrex.
The current performance of other crypto prices such as Binance USD, Avalanche, Tether, Terra, Solana, Polygon, Stellar, XRP, Cardano, Litecoin, Polkadot, Chainlink, ApeCoin, Tron, Solana, Uniswap also remained stable over the course of of the last 24 hours.
Cryptocurrencies have had a tough 2022 after hitting record highs late last year, rocked by everything from federal policy crunch to implosions in the Terra/Luna ecosystem, hedge funds Three Arrows Capital and FTX exchange. Digital assets have suffered badly this year as the Federal Reserve and other major central banks around the world have raised interest rates to combat historic inflation.
The collapse of FTX last month was the most shocking in a series of shutdowns of key market players this year, including Celsius and Voyager, top tokens terraUSD and Luna that have rattled investment sentiment.
(With agency contributions)
The opinions and recommendations made above are those of individual analysts or brokerage firms, and not of Mint.
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