Bitcoin prices today continued to trade above the $57,000 level after climbing above the mark for the first time since May. The world’s largest cryptocurrency by market capitalization was trading over 3% higher to $57,249. Bitcoin reached almost $65,000 in April, and is up 96% this year (year-to-date) so far.
Ether, the coin linked to ethereum blockchain and the second largest crypto, was up more than 1% to $3,523. Meanwhile, cardano prices slipped 3% to $2.15 whereas dogecoin tumbled 2% to $0.22. Other digital tokens like XRP, Uniswap also plunged, on the other hand, Stellar, Shiba Inu were trading with gains over the last 24 hours.
“The daily chart for Ethereum indicates that it may well be moving above the $3.6K level which was the previous resistance level as indicated in the triangle pattern formed. ETH is nearing the $4K mark set this month and will most definitely surpass its ATH of $4356 even after considering the fact that 25% of the total Ethereum supply on exchanges has been withdrawn over the past year as per blockchain analytics,” said Siddharth Menon, COO of crypto exchange WazirX.
The total cryptocurrency market cap is $2.33 trillion, up slightly from the previous day. With a slight strengthening of the dollar index, one can guess how the cryptocurrency market is in balance, Menon added.
The Bitcoin rally has come after digital tokens remained under pressure post China’s ban on cryptocurrency transactions and turbulence around El Salvador’s troubled rollout of the digital coin as legal tender.
Meanwhile, crypto spot trading volumes rose 6.2% to $2.5 trillion in September even as the digital tokens declined, according to a report by digital asset data provider CryptoCompare. The volumes had touched around $3.8 trillion in April 2021 when bitcoin had hit its all-time high.
(With inputs from agencies)
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