Bitcoin price today surged to trade above the $21,000 level, breaking the narrowest trading range in nearly two years, as the dollar plunged as the US renews demand for the battered risk asset across the globe. The world’s largest and most popular cryptocurrency was trading at $21,777, up more than one percent. According to CoinGecko, the global crypto market cap was above the $1 trillion mark today, even though it had grown more than one percent to $1.1 trillion in the past 24 hours.
On the other hand, Ether, the coin and the second largest cryptocurrency tied to the Ethereum blockchain, fell nearly one percent to $1,739. Ethereum is transitioning to proof-of-stake for its consensus protocol.
“After forming a bullish divergence, bitcoin returned to the $21,700 level over the weekend. BTC has struggled to maintain bullish momentum in recent weeks after the price rejected the $25,000 area. We could see more bullish sentiment if BTC breaks out of its current price level, with BTC likely to claim the area between $24,000 and $25,000 soon. However, if it fails to break this zone If the sellers are unable to hold on to the current levels, it is likely that ETH will hit the $20,700 area again. 1,819 level,” said Edul Patel, CEO and co-founder of Mudrex.
Meanwhile, Dogecoin price was trading down 2% today at $0.06 while Shiba Inu declined marginally to $0.0000013. Today’s performance of other crypto prices also declined as XRP, Uniswap, Binance USD, Polkadot, Tether, Litecoin, Avalance, Solana, Cardano, Stellar, Tron, Polygon prices were trading with cuts in the last 24 hours While Chainlink, Apcoin had an increase.
Bitcoin is stuck in its tightest trading range in nearly two years in September, reflecting uncertainty about how far central banks will go in raising interest rates in the face of a slowing global economy. Recessions such as Terra/Luna Ecosystem and hedge fund Three Arrows Capital have also dampened sentiments, and many crypto firms have declared bankruptcy or are struggling to survive.
(with inputs from agencies)
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