- The global cryptocurrency market cap today remained almost flat in the last 24 hours
In cryptocurrencies, Bitcoin price today dropped with the world’s largest and most popular digital token trading almost flat with a negative bias at $16,829. The biggest token is down by three-quarters from its record high of $69,000.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, was almost flat at $1,213. Meanwhile, dogecoin price today was trading about a per cent higher at $0.07 whereas Shiba Inu was down at $0.000008.
The global cryptocurrency market cap today remained below the $1 trillion mark, as it was almost flat in the last 24 hours to $845 billion, as per the data by CoinGecko.
“Most cryptocurrencies traded in red, reacting to the US consumer confidence, which rose to an eight-month high. BTC is trading in a narrow range, trying to gain more strength to move further. BTC has bounced off the $16,815 level. At the moment, one should pay attention to the zone of $17,000 level, which may be the prerequisite for the return of the $18,000 area. On the other hand, Ethereum continued to trade above the $1,200 level. ETH has recently rebounced the support at $1,150, indicating more buying activity at that lower levels,” said Edul Patel, CEO and Co-founder, Mudrex, a global crypto investment platform.
Other crypto prices’ today performance were mixed as Binance USD, Avalanche, Tether, Terra, Solana, Polygon, Stellar, XRP, Cardano, Litecoin, Polkadot prices were trading with cuts over the last 24 hours whereas Chainlink, ApeCoin, Tron, Uniswap 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.
Meme coins, which are often considered as volatile and risky investments, remained among the favourites for Indian retail crypto investors in 2022. Two of the top four most-held crypto assets in India were meme coins, according to a report by crypto exchange CoinSwitch. Bitcoin was the most held crypto asset, followed by Dogecoin, Ethereum and Shiba Inu.
(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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