Cryptocurrency prices today were mixed with Bitcoin trading almost flat at $47,071, down about 0.4%. The world’s largest and most popular cryptocurrency is up about 2% in 2022 (year-to-date or YTD) so far. It is about 30% far away from its record high of near $69,000 it had hit in November last year.
“Bitcoin continued a consolidation phase around the $47K to $48K level as the RSI remained in the oversold zone at nearly 70. The daily trend for BTC has formed a classic triple bottom pattern and going by the momentum, we expect BTC to break above $50,000 soon. The next resistance for BTC is expected at $48,600,” said Siddharth Menon, COO of WazirX.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, rose marginally to $3,391. Meanwhile, dogecoin price gained more than 2% to $0.14 whereas Shiba Inu was also trading over 2% higher at $0.000027.
The performance of other digital tokens improved with Solana surging more than 11% whereas Polygon, Litecoin, Stellar, Cardano, Uniswap also rose over the last 24 hours. Meanwhile, the global cryptocurrency market capitalisation was above the $2 trillion mark at $2.25 trillion, more than 2% change in the last 24 hours, as per CoinGecko.
In another news, the International Monetary Fund (IMF) has flagged significant financial risks over allowing the use of cryptocurrencies, as India deliberates with multilateral agencies and domestic institutions about a planned regulatory framework, reports suggest.
(With inputs from agencies)
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