Cryptocurrency prices: Bitcoin, dogecoin fall while ether, Polygon, Cardano gain

Cryptocurrency prices: Bitcoin, dogecoin fall while ether, Polygon, Cardano gain


Bitcoin price today was unchanged with the world’s largest and most popular digital token trading almost flat at $16,870. The global cryptocurrency market cap today remained below the $1 trillion mark, as it was almost flat in the last 24 hours to $847 billion, as per the data by CoinGecko.

“Most cryptocurrencies traded stable as markets remained muted following the Christmas and New Year holiday period. Bitcoin remained unchanged in the past 24 hours as it has not accumulated enough strength yet to make a significant move. BTC’s support now lies at the $16,700 level, while the resistance is at $17,000. On the other hand, Ethereum buyers are attempting to catapult the price above the $1,352 level to push the upward momentum,” said Edul Patel, CEO and Co-founder of Mudrex.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, was almost flat with a positive bias at $1,223. Meanwhile, dogecoin price today was trading over a per cent lower at $0.07 whereas Shiba Inu was down at $0.000008.

Other crypto prices’ today performance were mixed as Tether, Polygon, Stellar, XRP, Cardano, Litecoin, Polkadot, Chainlink, Uniswap prices were also flat over the last 24 hours whereas Solana, ApeCoin, Avalanche, Tron slipped.

Digital assets have suffered mightily this year as the Federal Reserve and other major central banks around the world have raised interest rates to fight historic inflation, 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.

The industry is now under a microscope as Washington considers ways to crack down. The FTX crisis gives ammo to regulators, who have long argued for a more aggressive, enforcement-driven approach to the asset class, reported Bloomberg.

(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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