In cryptocurrencies, the world’s largest and most popular digital token Bitcoin was trading more than a per cent lower at $20,478. 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.
“The price of Bitcoin continues to trade below the $21,000 level as bulls have lost control in the past 24 hours. BTC is consolidated under the resistance of $21,000. If BTC can trade sideways this week, bulls may lose further and drop to the nearest support line. If demand grows slightly today, we might soon see BTC retesting the $21,000 level. If bulls lose momentum, BTC might go down to $20,300 and then to $19,600,” said Edul Patel, CEO and Co-founder, Mudrex – A Global Crypto Investment Platform.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also surged by nearly 3% to $1,574. Meanwhile, dogecoin price today was trading more than 6% lower at $0.12 whereas Shiba Inu was also about 10% down to $0.000011.
Other crypto prices’ today performance also declined as Avalanche, Binance USD, Chainlink, Tether, ApeCoin, Solana, Cardano, Polygon, XRP, Terra, Stellar, Tron, Litecoin, Polkadot, Uniswap prices were trading with cuts over the last 24 hours.
The global crypto market cap today remained above the $1 trillion mark, even as it was down more than a per cent in the last 24 hours at $1.05 trillion, as per CoinGecko.
The average daily trading volume of global digital asset products or crypto funds in October fell 34.1% to $61.3 million (till 25 October), the lowest since June 2020, according to a report by digital asset data provider CryptoCompare. Almost all the crypto products covered in the report recorded a large decline in average daily volumes.
Bitcoin has traded in near lockstep with risk assets in the past couple of years, as pandemic-era stimulus flooded the global economy, and then as central banks like the Federal Reserve hiked rates to combat worsening inflation.
(With inputs from agencies)
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