Crypto Price Today: Bitcoin Holds Over $20,000; Polygon & Ethereum increase up to 5%
The asset class looks increasingly likely to stay in the same price rut until the release of inflation figures later this month and the results of the Federal Reserve meeting, analysts said. analysts.
With the exception of Tron and US dollar-pegged Tether, all other tokens were trading higher on Friday. Polygon zoomed in more than 5%, while Polkadot gained 3%. Ethereum and Cardano gained more than 2% each.
The global cryptocurrency market capitalization was trading higher at $990.26 billion, falling more than one percent in the past 24 hours. However, the total trading volume fell by around 8% to $62.76 billion.
Expert grip
Edul Patel, CEO and co-founder of Mudrex, said that despite the fall, Bitcoin has not fallen below the $19,000 level, which means we could see its price trading sideways, thanks to concerns driven by FOMC minutes and macroeconomic uncertainty.
“The second-largest cryptocurrency, Ethereum, has been outperforming Bitcoin for some time now due to its recent activity on the network and the upcoming merger,” he added. “It could probably break above the $2,000 pre-merger level.”
The overall crypto market appears to have digested the expected rate hike and tight monetary policy indicated by the Federal Reserve as there have been no major swings, said Tarusha Mittal, COO, UniFarm.
“Crypto investors are loyal and long-term holders of crypto assets can beat inflation and build long-term wealth. Selling pressure should ease in the coming weeks as the upcoming holiday season will encourage investors to place their funds in digital assets for healthy returns,” added Mittal.
Global Updates
Crypto lender Celsius Network, which is undergoing bankruptcy proceedings, has filed for the return of custodian funds, ahead of a separate hearing to answer ongoing questions about its restructuring and recovery efforts of its operations.
Distribution of funds to former clients of former crypto exchange Mt Gox will begin on a repayment date to be set “in due course”, according to a notice to creditors.
In late 2020, U.S. federal prosecutors asked crypto exchange Binance to submit internal documents related to its money laundering checks and communication involving CEO Changpeng “CZ” Zhao, Reuters reported.
Technical view by BuyUcoin cryptocurrency exchange
Bitcoin recovered from the Fed shock and became the most resilient crypto asset.
Bitcoin’s dominance is 39.22%, which represents a marginal decline of 0.2%, suggesting further participation from other crypto assets in the market move.
The crypto market digested the Fed chief’s hawkish remarks last week to address growing inflationary concerns. Bitcoin is likely to find a higher level of support between $22,000 and $25,000 in the coming weeks, supported by favorable macro factors.
(The opinions and recommendations given in this section are those of the analysts and do not represent those of ETMarkets.com. Please consult your financial advisor before taking a position in any assets mentioned.)
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