in cryptocurrencies, bitcoin prices It fell today after trading above $58,000 on Thursday. The world’s largest cryptocurrency by market cap was trading down nearly 2% at $57,172. Bitcoin hit a record high of around $65,000 in April this year, and is up 97% so far this year (year-to-date).
“Bitcoin has been doing well since the beginning of this month. BTC crossed $58,000 on October 14th and the trend is increasing within an ascending channel pattern. We are looking for resistance at the $57K to $58K level. If a small correction is seen, it could be a bullish buy,” said Siddharth Menon, COO of crypto exchange WazirX.
Ether, the coin tied to the Ethereum blockchain and the second largest cryptocurrency, rose 2.5% to $3,739. Cardano was down more than 1% at $2.15 while Dogecoin dropped to $0.22 as its price fell by over 3%. On the other hand, other digital tokens like XRP, Uniswap, Stellar, Binance Coin were also trading with cuts in the last 24 hours.
“Ethereum is trading within a triangle pattern. Bitcoin has been part of a tremendous bull run. ETH looks set to break out of this pattern based on current momentum. This will set other altcoins on a bullish rally,” Menon he said.
Meanwhile, East Asia’s share of global cryptocurrency trading volume halved amid crackdown on China’s industry, according to a study by Chainalysis. The sector received $590.9 billion in cryptocurrency between July 2020 and June 2021, which is equivalent to 14% of global activity during that period. The report showed that compared to 31% between July 2019 and June 2020.
(with inputs from agencies)
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