- Cryptocurrency Bitcoin’s price bounced back to the $21,700 level over the weekend
Bitcoin price today rose to trade above the $21,000 level, breaking out of the narrowest trading range in about two years, as a drop in the dollar renewed demand for battered risk assets worldwide. The world’s largest and most popular cryptocurrency was trading more than a per cent higher at $21,777. The global crypto market cap today was above the $1 trillion mark, even as it was down over a per cent in the last 24 hours at $1.1 trillion, as per CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, slipped about a per cent to $1,739. Ethereum is transitioning to proof-of-stake for its consensus protocol.
“Bitcoin bounced back to the $21,700 level over the weekend after forming a bullish divergence. BTC struggled to maintain the bullish momentum in recent weeks after the price was rejected from the $25,000 area. If BTC breaks above its current price level, we might see a more bullish sentiment, BTC might claim the zone between US$24,000 and $25,000 soon. However, if it fails to break this region, we could see it retest the $20,700 area. The second largest cryptocurrency, Ethereum, also broke above its resistance at $1,778. If sellers cannot seize the current level, there is a chance that ETH might test the $1,819 level shortly,” said Edul Patel, CEO and Co-founder of Mudrex.
Meanwhile, dogecoin price today was trading over 2% lower at $0.06 whereas Shiba Inu slipped marginally to $0.000013. Other crypto prices’ today performance also declined as XRP, Uniswap, Binance USD, Polkadot, Tether, Litecoin, Avalance, Solana, Cardano, Stellar, Tron, Polygon prices were trading with cuts over the last 24 hours whereas Chainlink, Apecoin gained.
Bitcoin has been stuck in the tightest trading range in almost two years in September, in part reflecting uncertainty about how far central banks will go in raising interest rates in the face of a slowing global economy. Meltdowns like those of the Terra/Luna ecosystem and hedge fund Three Arrows Capital have depressed sentiment as well, and numerous crypto firms have declared bankruptcy or are struggling to survive.
(With inputs from agencies)
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