In crypto, bitcoin price climbed above the $38,000 level today. world’s most popular and largest cryptocurrency The market cap was up by more than 4% to $38,615. Bitcoin has slid more than 16% since the beginning of this year (year-to-date, or YTD), while it has almost halved from its all-time high of $69,000 in November last year.
“Bitcoin crossed $38,000 with significant increase in trading volume as buying momentum increased over the past 24 hours. On the daily time frame, BTC trend continues within a descending channel pattern. BTC remains in oversold zone However, over the past ten days the RSI has almost doubled to near 40. A key support is expected at the $30,140 level,” said Siddharth Menon, COO of WazirX.
On the other hand, Ether, the coin tied to the Ethereum blockchain and the second largest cryptocurrency, rose more than 10% to $2,758, according to CoinDesk. Similarly, Binance Coin rose 4% to $384.
“Ethereum remained strong above $2,600. The hourly chart has given a breakout from a triangle pattern. The next resistance for ETH is expected near the $3,300 level. Demand for the Ethereum network has been fairly consistent with Harrett over the past 6 months. Reaching a new high amid the popularity of DeFi and the NFT space,” Menon said.
Dogecoin price also gained 4% to $0.14, while the Shiba Inu was trading up more than 6% at $0.000022. The performance of other cryptos also improved as XRP, Stellar, Avalanche, Cardano, Solana, Polygon, Terra, Uniswap prices were trading with gains of 4-19% in the last 24 hours.
Meanwhile, the global cryptocurrency market capitalization fell by 3% to $1.75 trillion today, according to CoinGecko, dragged down by the collapse in crypto prices today.
(with inputs from agencies)
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