16 Aug , 2022 By : Kanchan Joshi
Cryptocurrency prices today plunged as the recent rally in market bellwethers Bitcoin and Ether cooled. The world's largest and most popular cryptocurrency Bitcoin fell below $25,000 level, which it crossed during the weekend for the first time since June 13, and was trading over 4% lower at $24,167. The global crypto market cap today was above the $1 trillion mark, even as it was down 2% in the last 24 hours at $1.2 trillion, as per CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, plunged over 6% to $1,895. Ether surpassed $2,000 on Saturday for the first time since May 31 amid optimism about completion of its blockchain’s much-anticipated software upgrade known as the Merge, which is now likely to happen around Sept. 15, according to network co-founder Vitalik Buterin.
Meanwhile, dogecoin price today was trading more than 3% lower at $0.07 whereas Shiba Inu also surged over 5% to $0.000016. Other crypto prices' today performance also declined as XRP, BNB, Litecoin, Tether, Tron, Avalanche, Stellar, Polygon, Uniswap, Apecoin, Polkadot, Chainlink prices were trading with cuts over the last 24 hours.
“BTC price tried to break above the USD 25,000 resistance but failed. It declined below the USD 24,200 level and might reach USD 24,000. The immediate support level is near the USD 23,500 zone, below which the price could gain bearish momentum. Similarly, the ETH price failed to remain above the USD 2,000 level and started a downside correction to the 1,880 level. The immediate key resistances are at USD 1,940 and USD 1,960 levels, above which the price might test the USD 2,000 zone again," said Edul Patel, CEO and Co-founder, Mudrex.
Crypto struggled through the first half of the year as the Federal Reserve hiked rates to combat stubbornly high inflation, with the prices of Bitcoin, Ether and other tokens falling by more than 50%.
Following the collapse of a major pair of tokens, some cryptocurrency lenders froze customer withdrawals, and several crypto firms have cut jobs. Though, prices have partly recovered, with bitcoin gaining 17% in July.
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