Bitcoin, the world’s largest and most popular digital token, traded more than 2% lower today at $20,644. At $1.07 trillion, the global crypto market cap today remained above the $1 trillion mark.
The second largest cryptocurrency, Ether, linked to the Ethereum blockchain, also fell by over a percent to $1,573. Dogecoin was trading nearly 5% lower at $0.11 today, and Shiba Inu was about 2% lower at $0.000011.
The price of Bitcoin has returned to a bearish zone as it trades below $21,000. Due to low volume, Bitcoin has fallen nearly 2% since the previous day. If buyers can seize the initiative above the current level, it might reach $21,000 or fall to $20,400. Conversely, Ethereum has lost $1,600, with bears becoming more active in the market. If bears continue to rise, there are chances of ETH breaking out below the $1,500 level, taking the crypto towards the $1,400 zone by the end of the month,” said Edul Patel, CEO and Co-founder, Mudrex.
Other crypto prices’ today performance also declined as Binance USD, Avalanche, Solana, Tether, XRP, Terra, Tron, Litecoin, Uniswap, ApeCoin, Polygon, Cardano, Stellar prices were trading with cuts over the last 24 hours whereas Chainlink, Polkadot gained.
The market value of outstanding cryptocurrencies has plunged by more than half this year as the Federal Reserve raised interest rates, pulling back the flood of pandemic-era stimulus that fueled a steep run up in the price of risky assets. Investors’ interest in speculating in the tokens has dimmed since prices tumbled sharply from their peak.
After surging to an all-time high of almost $69,000 in November last year, Bitcoin’s price has been trading in a narrow range of around $20,000 since June this year.