The crypto market stabilized as the bitcoin price traded above the $16,000 level. The world’s largest cryptocurrency by market cap is down nearly 70% from the same period last year, when the digital token traded below around $69,000, its all-time high in November 2021.
The world’s largest and most popular digital token, Bitcoin, traded at $16,682 today. On the other hand, Ether, the coin connected to the Ethereum blockchain and the second-largest cryptocurrency, also gained more than 3% to $1,200. According to CoinGecko data, the global crypto market cap remained below the $1 trillion mark today, despite rising over 4% to $873 billion in the past 24 hours.
“Most cryptocurrencies have recovered from their recent declines. Bitcoin is up 3% over the past 24 hours, responding to Coinbase’s news that it has 2 million BTC in reserve by the end of the third quarter. BTC is currently above the $16,700 level. Trade lower and possibly try to retest the broken resistance. Support. If BTC can keep up the momentum, it could trade above $18,000 by the end of this week. Second, Ethereum is also trading up 5% above the $1,200 level. A potential upward move will soon take the coin price into the $1,300 zone, said Edul Patel, CEO and co-founder of Mudrex. can go.
Meanwhile, today, Dogecoin price is up over 4% to $0.08, while Shiba Inu is up almost 2% to $0.000009. Other crypto prices are also up today, with Binance USD, Avalanche, Tether, Terra, Stellar, Polkadot, Solana, Uniswap, Appcoin, Tron, Polygon, XRP, Cardano, Chainlink, and Litecoin prices making minor gains over the past 24 hours Gains recorded with. ,
Crypto prices plummeted this month following the collapse of Sam Bankman-Fried’s FTX empire. Now investors are looking to other crypto companies to see how far the contagion can spread. Genesis, a digital asset brokerage firm, warned of possible bankruptcy unless it can raise cash.
(with contributions from agencies)
The views and recommendations stated above are those of individual analysts or brokerage firms and not Mint.
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