Cryptocurrency prices today rose marginally with the world’s largest and most popular digital token Bitcoin trading almost flat with a positive bias at $19,045. The global crypto market cap today was below the $1 trillion mark, even as it was almost flat in the last 24 hours at $957 billion, as per CoinGecko.
“Bitcoin and other altcoins fell slightly lower on Tuesday as bears are more powerful in the market and are not leaving any chance for bulls to enter. BTC has been trading around its vital psychological support level at $19,000, which is crucial for bulls. If bulls lose control over it, BTC’s support might fall to $18,000. Since the volume is low, the bounce back might take some time. On the other hand, the price of Ethereum continues to struggle to achieve a bullish trend post the Merge. If ETH can reclaim the $1,400 level, we might see an upward trend. But a drop below the current level could result in ETH retesting the $1,000 zone,” 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, also rose slightly by 0.3% to $1,281. Meanwhile, dogecoin price today was over 2% higher at $0.05 whereas Shiba Inu was up nearly a per cent to $0.000010.
Other crypto prices’ today performance were mixed as Avalanche, Binance USD, Polkadot, Cardano, Chainlink, Tether, ApeCoin, Solana, Litecoin, Terra, Polygon prices were trading with marginal gains over the last 24 hours, whereas Uniswap, Stellar, XRP, Tron, Cardano plunged.
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.
Crypto startups are suffering from this year’s mass selloff of digital currencies. Venture capital investment in the industry sank to its lowest level in more than a year during the third quarter as globally, VC firms invested $4.44 billion in crypto startups in the quarter, a 37% decline from the same period in 2021, according to data from research firm PitchBook, reported Bloomberg.
(With inputs from agencies)
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