“Bitcoin, Ethereum, and most cryptocurrencies witnessed a market-wide rally with small gains in the past 24 hours, bouncing off their yearly lows. The price of Bitcoin has fixed above the resistance level at $15,932. If bulls can hold the gained initiative today, BTC will likely trade above $16,300 soon. On the other hand, though Ethereum reached its lowest at $1,074, it bounced off the level. The dip could be due to a number of institutional investors actively using ETH to gain liquidity amid the market crisis. If bulls can hold ETH above the current level, we could see it trade at the $1,200 level by the end of the day," said Edul Patel, CEO and Co-founder of Mudrex.
The global crypto market cap today remained below the $1 trillion mark, even as it over 4% higher in the last 24 hours to $855 billion, as per the data by CoinGecko.
Meanwhile, dogecoin price today was trading over 8% higher at $0.07 whereas Shiba Inu was up over 6% at $0.000008. Other crypto prices' today performance also improved as Binance USD, Avalanche, Tether, Terra, Stellar, Polkadot, Solana, Uniswap, ApeCoin, Tron, Polygon, XRP, Cardano, Chainlink, Litecoin prices were trading with gains over the last 24 hours.
Crypto prices plunged this month after the collapse of Sam Bankman-Fried’s FTX empire. Now, investors are watching other crypto companies to see how far the contagion might spread. Genesis, a digital-asset brokerage, warned of possible bankruptcy unless it can raise cash. Crypto lender BlockFi Inc. is also struggling to stay afloat. Money has poured out of exchanges as investors seek the assurance of self-custody, according to a Glassnode analysis.
(With inputs from agencies)
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