Cryptocurrency prices: Bitcoin, ether, dogecoin fall while Chainlink, Polkadot surge
By siliconindia | Tuesday, 08 November 2022, 09:18:54 AM IST
In cryptocurrencies, the world's largest and most popular digital token Bitcoin's price today was trading more than 2% lower at $20,644. The global crypto market cap today remained above the $1 trillion mark, even as it was almost flat in the last 24 hours at $1.07 trillion, as per CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also dipped by over a per cent to $1,573. Meanwhile, dogecoin price today was trading nearly 5% lower at $0.11 whereas Shiba Inu was also about 2% lower to $0.000011.
“Bitcoin has returned to a bearish zone as it trades below the $21,000 level. BTC has been down by nearly 2% since the previous day due to low volume. If buyers can seize the initiative above the current level, we might see it reach the $21,000 mark, or we might see it fall to the $20,400 level. On the other hand, Ethereum has lost the $1,600 mark, with bears becoming more active in the market. If bears continue to rise, there are chances of ETH breaking out below the $1,500 level, taking the crypto towards the $1,400 zone by the end of the month," said Edul Patel, CEO and Co-founder, Mudrex.
Other crypto prices' today performance also declined as Binance USD, Avalanche, Solana, Tether, XRP, Terra, Tron, Litecoin, Uniswap, ApeCoin, Polygon, Cardano, Stellar prices were trading with cuts over the last 24 hours whereas Chainlink, Polkadot gained.
The market value of outstanding cryptocurrencies has plunged by more than half this year as the Federal Reserve raised interest rates, pulling back the flood of pandemic-era stimulus that fueled a steep run up in the price of risky assets. Investors’ interest in speculating in the tokens has dimmed since prices tumbled sharply from their peak.
After surging to an all-time high of almost $69,000 in November last year, Bitcoin's price has been trading in a narrow range of around $20,000 since June this year.
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