- Cryptocurrency Bitcoin has continued to trade in a tight range in the past 24 hours
Cryptocurrency prices today plunged even as Bitcoin remained above above the $20,000 mark. The world’s largest and most popular cryptocurrency was trading over a per cent lower at $20,049. The global crypto market cap today was below the $1 trillion mark, as it was down nearly 2% in the last 24 hours at $998 billion, as per CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, fell more than a per cent at $1,358. Meanwhile, dogecoin price today was 2% lower at $0.06 whereas Shiba Inu dipped about 3% to $0.000011.
“Bitcoin has continued to trade in a tight range in the past 24 hours. Despite BTC trading above the $20,000 level, it is still struggling to make a sharp move above its psychological threshold level. BTC’s dominance in the market has increased to 41% from 39% on Sep 10th. It indicates that market participants are choosing BTC over other cryptos. Ethereum, was changing hands over the $1,350 level as bulls tried to push the prices toward the $1,400 mark. The decline in the BTC and ETH values is due to the investors returning to more macroeconomic cautiousness,” said Edul Patel, CEO and Co-founder, Mudrex.
Other crypto prices’ today performance were mixed as Avalanche, Binance USD, Polkadot, Cardano, Chainlink, Tether, ApeCoin, Solana, Litecoin, XRP, Stellar, Terra, Polygon, Stellar prices were trading with marginal cuts over the last 24 hours, whereas Tron, Uniswap gained.
Global markets have sunk in the past few months as central banks around the world raise interest rates to curb soaring inflation. Risk assets like cryptocurrencies have been especially hard hit as recessionary fears rise.
Meanwhile, an already bad year for cryptocurrencies took another turn for the worse after roughly $100 million of Binance Coin was stolen in what appears to be the latest hack to hit digital assets, reported Bloomberg. An exploit occurred on a bridge between blockchains and the issue is ‘contained now,’ Changpeng “CZ” Zhao, co-founder of Binance said on Twitter on Friday. About $2 billion has been lost in crypto hacks this year, as per Bloomberg.
(With inputs from agencies)
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