Bitcoin price today plunged as the world’s largest and most popular cryptocurrency was trading more than 2% lower at $19,061. The global crypto market cap today was below the $1 trillion mark, even as it was up slightly in the last 24 hours at $983 billion, as per CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also declined about 3% to $1,280. Meanwhile, dogecoin price today was over 5% lower at $0.05 whereas Shiba Inu tumbled more than 8% to $0.000010.
“Bitcoin (BTC) has sunk 2% in the past 24 hours, indicating the sellers are trying to strengthen their positions by pulling the price below the uptrend line. If they manage to gain power, we might see BTC drop to $18,125 and then to $17,622 support levels. While on the other hand, Ethereum also declined by more than 4% and now sits at $1,200. ETH is down by over 65% year to date. If ETH dips below the current level, the selling could intensify, dropping to the support line,” said Edul Patel, CEO and Co-founder of global crypto investment platform Mudrex.
Other crypto prices’ today performance also declined as Avalanche, Binance USD, Polkadot, Cardano, Chainlink, Tether, ApeCoin, Solana, Litecoin, XRP, Stellar, Terra, Polygon, Stellar, Tron, Uniswap prices were trading with cuts over the last 24 hours.
Global markets have sunk in the past few months as central banks around the world raise interest rates to curb soaring inflation. Risk assets like cryptocurrencies have been especially hard hit as recessionary fears rise.
The amount of computing power dedicated to Bitcoin mining surged to a record as more companies made use of the energy and data center space freed up after the upgrade of the Ethereum network, likely further compressing profit margins.
Mining difficulty, a measure of Bitcoin miners’ computing power for the blockchain, has jumped by 13.6% in the two-weeks ended Monday. That was also the largest bi-weekly adjustment since last May. The increase is in part thanks to the decline of Ether mining, as reported by Bloomberg.
(With inputs from agencies)
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