Cryptocurrency prices continued to rise marginally today. bitcoin price Jumped nearly 2% to reach $43,842. The world’s largest cryptocurrency by market capitalization is up 51% this year (year-to-date), and is well below its record of nearly $65,000 in April, as it came under regulatory crackdown during the third quarter.
Ether, the coin tied to the Ethereum blockchain and the second largest crypto, also rose more than 2% to $3,028. Cardano price rose marginally at $2.11, while Dogecoin gained 1% to $0.20. The performance of other digital tokens including XRP, Litecoin, Stellar was mixed in the last 24 hours.
Bitcoin was hit on several fronts during the month, including the roll-out of the coin as legal tender in El Salvador and tightening regulatory oversight in the US and China.
“Bitcoin is still bearish. However, it is worth noting an interesting point: the RSI indicator is showing a breakout from the current pattern, which confirms some buying momentum. Retirement from the current price may occur in the coming weeks. ” Siddharth Menon, COO of cryptocurrency exchange WazirX.
“The dollar index is consolidating at current levels and may see some weakening in the coming days. Altcoins were also generally bearish. Ethereum vs. Bitcoin is consolidating in a triangle. Bulls looking to pick up ETH above the $3000 level. Expected, which means that the trend ETH-BTC will leave this channel pattern. The uptrend could bring ETH towards the resistance level of 4,444 at $3,800. However, the recent halving in mining activity could play a role,” Menon said. .
China’s central bank said last week that all financial transactions involving cryptocurrencies are illegal, sounding the death knell after the country cracked down on volatile digital tokens for digital trade.
China is tightening its crackdown on cryptocurrency, and its efforts to rein in trade and mining are adding to wild moves in bitcoin and other markets, which are already hit hard by the record set earlier this year.
(with inputs from agencies)
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