Today the cryptocurrency price was mixed with bitcoin above $45,000. The digital token was trading almost flat at $45,931. The world’s largest and most popular cryptocurrency So far in 2022 (year-to-date or YTD) is down about 0.6%. It is nearly 30% off its all-time high of $69,000 in November last year.
“On the daily time frame, BTC trend is likely to see a retest of the previous breakout level. The next resistance is expected at $48,600 and the next support is expected at the $34,200 level,” said Siddharth Menon, COO of WazirX.
On the other hand, Ether, the coin tied to the Ethereum blockchain and the second largest cryptocurrency by market capitalization, rose more than one percent to $3,490. Meanwhile, the price of Dogecoin gained almost 4% to $0.14, while the Shiba Inu was also trading up more than 2% at $0.000027.
“With Ethereum transitioning to Proof-of-Stake (PoS) mechanisms, the use cases for ETH will increase significantly and we may see its dominance strengthen against Bitcoin,” Menon said.
Polygon, Litecoin, Stellar, Cardano, Uniswap, Terra along with other digital tokens also traded with gains while Solana, Terra, Polkadot slipped in the last 24 hours. According to CoinGecko, the global cryptocurrency market capitalization was above the $2 trillion mark as it rose to $2.25 trillion with a change of more than one percent in the past 24 hours.
Meanwhile, according to bitcoin.com, cryptocurrency volumes in India have dropped new laws to tax digital assets introduced on April 1. Parliament has approved the Finance Bill, which affects the crypto taxation laws announced in the budget.
(with inputs from agencies)
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