- The global cryptocurrency market cap today was down over a per cent in the last 24 hours to $841 billion
In cryptocurrencies, Bitcoin price dropped to its lowest level in three weeks with the world’s largest and most popular digital token trading more than a per cent lower at $16,764. The global cryptocurrency market cap today remained below the $1 trillion mark, as it was down over a per cent in the last 24 hours to $841 billion, as per the data by CoinGecko.
“Bitcoin traded below the $17,000 level on Monday as prices continued to consolidate following a volatile weekend. BTC is battling with the loss after a bullish momentum post the FOMC’s meeting last week. Bulls must hold the line at around $16,200 to $16,500 to prevent further downside. On the other hand, Ethereum remained unchanged since yesterday, as none of the sides had accumulated enough power to make a sharp move. Any growth would be possible only if the rate fixes above the vital $1,200 zone,” said Edul Patel, CEO and Co-founder, Mudrex.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, was almost flat at $1,193. Meanwhile, dogecoin price today was trading more than 5% lower at $0.07 whereas Shiba Inu was down over 3% at $0.000008.
Other crypto prices’ today performance were mixed as Binance USD, Avalanche, Tether, Terra, Solana, Polygon, Stellar, XRP, Cardano, Uniswap, Polkadot prices were trading with cuts over the last 24 hours whereas Litecoin, Chainlink, ApeCoin, Tron were trading with gains.
Cryptocurrencies have had a harsh 2022 after reaching record highs late last year, buffeted by everything from the Fed’s policy tightening to the implosions of the Terra/Luna ecosystem, hedge funds Three Arrows Capital and exchange FTX.
The collapse of FTX last month was the most shocking in a series of closures of key market players this year including Celsius and Voyager, major tokens terraUSD and Luna that have shaken investment sentiment and wiped out $1.5 trillion in cryptocurrency market capitalization.
(With inputs from agencies)
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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