“Bitcoin traded flat over the past 24 hours as investors are keenly waiting for the release of next US Consumer Price Index (CPI) data. BTC has been trading between $19,000 and $21,000 for weeks now. If BTC can move above the current level, we might see it rise to $20,00 soon. But if it falls below the current level, the next support would be at $18,843. The second largest cryptocurrency, Ethereum, is one of the biggest gainers, with a rise of 0.85% over the past day. If ETH can continue to rise, bulls have an opportunity to seize the initiative to the next significant mark at $1,300," said Edul Patel, CEO and Co-founder of global crypto investment platform Mudrex.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also rose slightly by 0.3% to $1,281. Meanwhile, dogecoin price today was over 2% lower at $0.05 whereas Shiba Inu was down nearly 2% to $0.000010.
Other crypto prices' today performance were mixed as Avalanche, Binance USD, Polkadot, Cardano, Chainlink, Tether, ApeCoin, Solana, Litecoin, Terra, Stellar, XRP, Tron prices were trading with marginal gains over the last 24 hours, whereas Uniswap, Cardano, Polygon plunged.
Global markets have sunk in the past few months as central banks around the world raise interest rates to curb soaring inflation. Risk assets like cryptocurrencies have been especially hard hit as recessionary fears rise.
(With inputs from agencies)
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
