Crypto markets steadied as Bitcoin’s price traded above the $16,000 mark. The world’s largest cryptocurrency by market value is down about 70% since the same time last year, when the digital token was trading just below the almost $69,000, its all-time high level in November 2021.
The world’s largest and most popular digital token Bitcoin’s price today was trading over a per cent higher at $16,682. On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also rose by more than 3% to $1,200. The global crypto market cap today remained below the $1 trillion mark, even as it over 4% higher in the last 24 hours to $873 billion, as per the data by CoinGecko.
“Most cryptocurrencies rebounded from their recent declines. Bitcoin has surged by 3% in the past 24 hours, reacting to the news of Coinbase having 2 million BTC reserves as of the end of the Quarter 3. BTC is currently trading above the $16,700 level and is trying to retest the breached resistance as potential support. If BTC can hold the gained initiative, it might trade above $18,000 by the end of this week. On the other hand, Ethereum has also gained by 5%, trading above the $1,200 level. A potential upward move could soon take the coin’s price to the $1,300 zone,” said Edul Patel, CEO and Co-founder, Mudrex.
Meanwhile, dogecoin price today was trading over 4% higher at $0.08 whereas Shiba Inu was up nearly 2% at $0.000009. Other crypto prices’ today performance also improved as Binance USD, Avalanche, Tether, Terra, Stellar, Polkadot, Solana, Uniswap, ApeCoin, Tron, Polygon, XRP, Cardano, Chainlink, Litecoin prices were trading with marginal gains 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. Genesis, a digital-asset brokerage, warned of possible bankruptcy unless it can raise cash.
(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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