In cryptocurrency, bitcoin, the world’s largest and most popular digital token, was trading at $20,478, down more than one percent. After hitting an all-time high of around $69,000 in November last year, bitcoin price has been trading in a narrow range around $20,000 since June this year.
“Bitcoin price continues to trade below the $21,000 level as the bulls lost control over the past 24 hours. BTC is consolidating under the $21,000 resistance. If BTC can trade sideways this week , then the bulls could lose further and drop to the nearest support line. If demand picks up a bit today, we could soon see BTC retrace the $21,000 level. If the bulls lose momentum, BTC $20,300 and then a fall to $19,600,” said Edul Patel, CEO and Co-Founder, Mudrex – a global crypto investment platform.
Ether, on the other hand, is the coin linked to the Ethereum blockchain and the second largest cryptocurrency, also increased nearly 3% to $1,574. Meanwhile, Dogecoin price is trading down more than 6% today at $0.12 while the Shiba Inu is also down almost 10% at $0.0000011.
Today’s performance of other crypto prices also declined as Avalanche, Binance USD, Chainlink, Tether, Apcoin, Solana, Cardano, Polygon, XRP, Terra, Stellar, Tron, Litecoin, Polkadot, Uniswap took price cuts in the last 24 hours. were doing business together.
According to CoinGecko, the global crypto market cap remains above the $1 trillion mark today, even though it was down more than one percent in the past 24 hours at $1.05 trillion.
According to a report by digital asset data provider CryptoCompare, the average daily trading volume of global digital asset products or crypto funds fell 34.1% to $61.3 million (as of October 25) in October, the lowest since June 2020. Almost all the crypto products included in the report recorded a major drop in the average daily volume.
Bitcoin has traded with riskier assets almost in lockstep over the past few years, as pandemic-era stimulus flooded the global economy, and then central banks such as the Federal Reserve hiked rates to cope with worsening inflation. is of.
(with inputs from agencies)
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