24 Aug , 2022 By : Kanchan Joshi
Bitcoin price continued to slip as the usually volatile token has gotten stuck trading within a narrow range. The world's largest and most popular cryptocurrency was trading nearly a per cent lower at $21,190. The global crypto market cap today was above the $1 trillion mark, even as it was almost flat in the last 24 hours at $1.07 trillion, as per CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, fell about a per cent to $1,613. Meanwhile, dogecoin price today was trading over 2% lower at $0.06 whereas Shiba Inu plunged over a per cent to $0.000013.
"After buyers confirmed their power, Bitcoin has once again bounced off the $21,000 mark after touching the $20,000 level. If BTC can break above the current level, there are chances to see the breakout of its recent resistance at $21,774. Ethereum also made a false breakout of the $1,600 level. If the price can hold above this vital level, bulls have a chance to seize the initiative. The following critical level of ETH would be $1,700," said Edul Patel, Chief Executive Officer (CEO) and Co-founder of global crypto investment platform Mudrex.
Other crypto prices' today performance were mixed as BNB, Chainlink, Apecoin, XRP, Uniswap, Tron, Litecoin, Stellar, Binance USD, Polygon, Solana prices were trading with cuts over the last 24 hours, while Polkadot, Avalanche, Tether gained.
Cryptocurrencies have been trading in tandem with US equities this year as both have been swayed by the Federal Reserve’s interest-rate-hiking path. The 90-day correlation coefficient of Bitcoin and the S&P 500, after weakening slightly in June, now stands around 0.64 once again, as per Bloomberg data.
Cryptos have struggled through the first half of the year as the Federal Reserve hiked rates to combat stubbornly high inflation. Following the collapse of a major pair of tokens, some cryptocurrency lenders froze customer withdrawals, and several crypto firms have cut jobs. Bitcoin is down nearly 70% from its November all-time high.
0 Comment