In cryptocurrencies, the world's largest and most popular digital token Bitcoin's price today was trading more than 2% lower at $16,129. On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also fell by more than 4% to $1,162.
The global cryptocurrency market cap today remained below the $1 trillion mark, as as it was down over 2% in the last 24 hours to $852 billion, as per the data by CoinGecko.
"Bitcoin traded sideways after claiming the $16,000 level in the past 24 hours. The price of BTC bounced off the $15,400 level and recovered over the weekend. Buyers must step in and move BTC above the $16,600 level for an upward trend. However, since volatility has decreased, which means that neither side is ready for a sharp move, so BTC is likely to trade sideways for some more time. But, if the price falls from the overhead resistance and breaks below the $15,588 level, it could indicate a downtrend," said Edul Patel, CEO and Co-founder of Mudrex, a global crypto investment platform.
Meanwhile, dogecoin price today was trading more than 6% higher at $0.09 whereas Shiba Inu was down over 2% at $0.000008. Other crypto prices' today performance also declined as Binance USD, Avalanche, Tether, Terra, Stellar, Polkadot, Solana, Uniswap, ApeCoin, Tron, Polygon, XRP, Cardano, Chainlink, Litecoin prices were trading with cuts over the last 24 hours.
Crypto prices plunged this month after the collapse of Sam Bankman-Fried's FTX empire. Now, investors are watching other crypto companies to see how far the contagion might spread.
In 2017, bitcoin saw its price soar before collapsing, but after several lean years, nicknamed 'crypto winter', it came back at the end of 2020, rising to a record almost $65,000 at the start of 2021, and now its market value is down about 70% since the same time last year.
(With inputs from agencies)
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