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Cryptocurrency prices today continued to gain with the world's largest and most popular digital token Bitcoin was trading more than a per cent higher at $17,106. The value of bitcoin peaked at nearly $69,000 in November 2021 before falling to around $17,000 by mid-June 2022, where it is still hovering now.

The global cryptocurrency market cap today remained below the $1 trillion mark, even as it was up in the last 24 hours to $897 billion, as per the data by CoinGecko.

“Most cryptocurrencies rose on Wednesday after the Federal Reserve Chair Jerome Powell signaled the pace of interest-rate could slow down a bit. After trading much of the past month below the $17,000 level, Bitcoin traded higher as market participants reacted to Powell's remarks. If the price moves above the current level, the next resistance would be $17,622. However, if it falls below that level, BTC might consolidate between $15,476 and $16,910. The second largest cryptocurrency, Ethereum, also rose above the $1,250 level. This indicates a rise in demand. The next resistance of ETH would lie at $1,335," said Edul Patel, CEO and Co-founder, Mudrex.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also rose by nearly a per cent to $1,283. Meanwhile, dogecoin price today was trading more than 4% lower at $0.10 whereas Shiba Inu was down over 2% at $0.000009. 

Other crypto prices' today performance were mixed as Binance USD, Avalanche, Tether, Terra, Solana, Uniswap, Tron, Polygon, Chainlink prices were trading with gains over the last 24 hours while ApeCoin, Litecoin, Stellar, XRP Polkadot, Cardano slipped.

The European Central Bank (ECB) said on Wednesday that Bitcoin is being artificially propped up and should not be legitimised by regulators or financial companies as it heads for ‘irrelevance’. A string of scandals including the collapse of the FTX exchange this month has given critics among central bankers and regulators ammunition to fight back.

In a blog post using unusually scathing language, the ECB said bitcoin's recent stabilisation was "an artificially induced last gasp before the road to irrelevance".

(With inputs from agencies)

The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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