Bitcoin price continues to trade above the $57,000 level today after climbing above the mark for the first time since May. world’s largest cryptocurrency The market was trading at $57,249, up more than 3% by capitalization. Bitcoin reached nearly $65,000 in April, and is up 96% so far this year (Y-Day).
Ether, the coin tied to the Ethereum blockchain and the second largest crypto, was up more than 1% at $3,523. Meanwhile, Cardano price dropped 3% to $2.15 while Dogecoin fell 2% to $0.22. Other digital tokens like XRP, Uniswap also fell, on the other hand, Stellar, Shiba Inu were trading with gains in the last 24 hours.
“The daily chart for Ethereum indicates that it may move above the $3.6K level which was the previous resistance level as depicted in the triangle pattern formed. ETH is nearing the $4K mark this month and is definitely going to move higher. will surpass its ATH of $4356, even after considering the fact that 25% of the total Ethereum supply on exchanges has been withdrawn in the past year according to Blockchain Analytics,” said Siddhartha Menon. COO of crypto exchange WazirX.
The total cryptocurrency market cap stands at $2.33 trillion, a slight increase from the previous day. Menon added that a slight strength in the dollar index can give an idea of how the cryptocurrency market is in equilibrium.
The bitcoin rally comes after digital tokens remained under pressure, following unrest around China’s ban on cryptocurrency transactions and El Salvador’s troubled rollout of the digital coin as legal tender.
Meanwhile, crypto spot trading volume rose 6.2% to $2.5 trillion in September, despite a decline in digital tokens, according to a report by digital asset data provider CryptoCompare. Volume reached nearly $3.8 trillion in April 2021 when bitcoin hit its all-time high.
(with inputs from agencies)
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