Bitcoin price today rose to trade above the $19,000 level. The world’s largest and most popular cryptocurrency was trading more than 3% higher at $19,213. The global crypto market cap today was back below the $1 trillion mark, as it was up over 3% in the last 24 hours at $1.02 trillion, as per CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, jumped more than 8% to $1,625. Ethereum is transitioning to proof-of-stake for its consensus protocol. The latest upgrade to the Ethereum network, known as Bellatrix, was activated on September 6, 2022. The next step after Bellarix will be the Paris upgrade, which boots off the miners to finalize the Merge. That upgrade is set to happen next week.
“Most cryptocurrencies regained their lost ground back on late Wednesday. Bitcoin is up by nearly 3% in the past 24 hours after falling to $18,558, the weakest since July 13th. If BTC can try and hold above the current level today, we might see it regain its resistance level at $19,400 back soon. The second largest cryptocurrency, Ethereum is outperforming BTC and has successfully broken its initial resistance level at $1,537, and is seeing towards the $1,650 level as excitement for the Merge gains momentum. Let’s wait and see how things turn out ahead of the Merge,” said Edul Patel, CEO and Co-founder of Mudrex, a global crypto investment platform.
Meanwhile, dogecoin price today was trading over 5% higher at $0.06 whereas Shiba Inu fell gained nearly 4% to $0.000012. Other crypto prices’ today performance also improved as Chainlink, Apecoin, XRP, Uniswap, Binance USD, Polkadot, Tether, Litecoin, Avalance, Solana, Cardano, Stellar, Tron, Polygon prices were trading with cuts over the last 24 hours.
Bitcoin has traded largely in the same direction as other risk assets like the Nasdaq 100 as the Fed boosts interest rates amid stubborn inflation. Meltdowns like those of the Terra/Luna ecosystem and hedge fund Three Arrows Capital have depressed sentiment as well, and numerous crypto firms have declared bankruptcy or are struggling to survive.
(With inputs from agencies)
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