Bitcoin Breaks Above $22,000 As Ether Slides. Check Cryptocurrency Prices Today

Bitcoin extended a rally amid more favorable sentiment in global markets and as traders await US inflation data and watch for a fundamental upgrade to the Ethereum blockchain. The world’s largest and most popular cryptocurrency was trading more than 1% higher at $22,198. The global crypto market cap was over $1 trillion today, even though it was down more than 1% in the past 24 hours to $1.1 trillion, according to CoinGecko.

“Bitcoin has shown signs of little optimism with growing buying strength over the past few days. BTC is currently trading above the $22,000 level as the relief rally continues after a period of consolidation. If BTC manages to hold above the current level, the next immediate resistance for BTC could be $24,000. However, unlike BTC, Ethereum has fallen as uncertainty rises ahead of the merger. If ETH can hold above the $1,689 level today, it could rebound to $1,700. But if it doesn’t, we can expect the test of a critical support level at US$1,650,” said Edul Patel, CEO and co-founder of Mudrex.

On the other hand, Ether, the coin linked to the Ethereum blockchain and the second largest cryptocurrency, slipped around 1% to $1,705. Ethereum is transitioning to proof-of-stake for its consensus protocol.

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Meanwhile, dogecoin price was trading slightly higher today at $0.06 while Shiba Inu slipped slightly to $0.000013. Performance of other crypto prices today was mixed as XRP, Uniswap, Binance USD, Polkadot, Tether, Litecoin, Chainlink, Apecoin, Cardano, Stellar, Tron prices were trading with declines over the past 24 hours while Solana, Polygon, Avalanche won.

The US inflation report, due on Tuesday, is expected to show easing price pressures. But a higher-than-expected print could harden expectations of restrictive monetary settings that are anathema to crypto prices, Bloomberg reported.

Bitcoin remained stuck in the narrowest trading range, partly reflecting uncertainty over how far central banks will go in raising interest rates in the face of a slowing global economy. Collapses like those of the Terra/Luna ecosystem and hedge fund Three Arrows Capital have also depressed sentiment, and many crypto firms have declared bankruptcy or are struggling to survive.

(With agency contributions)

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Bitcoin Breaks Above $22,000 As Ether Slides. Check Cryptocurrency Prices Today

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