Bitcoin Rises Above $22,000 While Ether Slips. Check cryptocurrency rates today

Bitcoin Rises Above ,000 While Ether Slips.  Check cryptocurrency rates today


Bitcoin extended its rally amid a brighter mood in global markets and as traders await US inflation data and keep an eye on the fundamental update of the Ethereum blockchain. The world’s largest and most popular cryptocurrency was trading over 1% at $22,198. Today’s global cryptocurrency market capitalization is above the $1 trillion mark, although it is down more than 1 percent in the past 24 hours at $1.1 trillion, according to CoinGecko.

“Bitcoin has been showing signs of a bit of optimism as buying power has increased over the past few days. BTC is currently trading above $22,000 with a comfortable rally to continue after a period of consolidation. If BTC can stay above the current level, the next resistance could be Spot BTC at $24,000.However, unlike BTC, Ethereum declined as uncertainty increased before the consolidation.If ETH can hold above the $1,689 level today, it could bounce back to the $1700 mark.But if it fails to do so, he said, Edul Patel, CEO and Co-Founder, Mudrex, “One can expect a test of the critical support level at $1,650.”

On the other hand, Ether, the coin linked to the Ethereum blockchain and the second largest cryptocurrency, fell about 1% to $1,705. Ethereum is moving to Proof of Stake for its consensus protocol.

Meanwhile, the Dogecoin price is trading slightly higher today at $0.06, while the Shiba Inu price is marginally lower to $0.000013. The price performance of other cryptocurrencies today was mixed, with XRP, Uniswap, Binance USD, Polkadot, Tether, Litecoin, Chainlink, Apecoin, Cardano, Stellar and Tron all trading with cuts over the past 24 hours while Solana, Polygon, Avalanche gains.

The US inflation report due on Tuesday is expected to show moderate pressures on prices. But a higher-than-expected print could strengthen expectations for tight monetary settings that are anathema to cryptocurrency prices, Bloomberg reports.

Bitcoin remained stuck in its tightest trading range, partly reflecting the uncertainty about how far central banks will go in raising interest rates in the face of a slowing global economy. Meltdowns such as those in the Terra/Luna ecosystem and the hedge fund Three Arrows Capital have lowered sentiment as well, with many crypto companies declaring bankruptcy or struggling to survive.

(with input from agencies)

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