Bitcoin price continued to hover around $20,000 as the world’s largest and most popular cryptocurrency was trading about a per cent lower at $20,026. The global crypto market cap today was back above the $1 trillion mark, even as it was flat in the last 24 hours at $1.02 trillion, as per CoinGecko.
“BTC has been on a downward trend for the past few days as concerns over the FOMC minutes drove its prices below its vital support level. Despite the decline, BTC has not gone below the $19,000 level, so we might see sideways trading for a few more days. We can expect BTC to rise when it returns back to the $20,400 level,” said Edul Patel, CEO and co-founder of global crypto investment platform Mudrex.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, gained more than a per cent to $1,581. Meanwhile, dogecoin price today was also trading 1.5% higher at $0.06 whereas Shiba Inu fell gained marginally to $0.000012.
Other crypto prices’ today performance were mixed as Chainlink, Apecoin, XRP, Uniswap, Binance USD, Polkadot, Tether, Litecoin, Polygon, Stellar prices were trading with gains over the last 24 hours, while Avalance, Tron, Solana slipped.
The crypto sector has contracted to less than $1 trillion, or about a third of its all-time market value reached in November. After coming of the highs amid a general increase in risk aversion, coin prices were rocked midyear by the collapse of the Terra ecosystem, the demise of the Three Arrows Capital and the bankruptcy of broker Voyager and lender Celsius.
“Crypto heavyweights like Bitcoin and Ether are facing a mild impact from the hawkish stance taken by the Fed chief to tackle growing inflationary concerns. The overall crypto market seems to have digested the anticipated rate hike and strict monetary policy indicated by Federal Reserve as there were no major fluctuations. In the altcoin space, XRP, ADA, SOL, and DOT registered a marginal dip which is coupled with the turmoil in the traditional markets. The crypto market volume is also down by 9% which hints towards reduced buying activity,” said Tarusha Mittal, COO, UniFarm.
(With inputs from agencies)
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