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Business News/ Markets / Bitcoin, ether, other crypto prices today continue to decline. Check latest rates
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Bitcoin, ether, other crypto prices today continue to decline. Check latest rates

Most cryptocurrencies' prices are experiencing declines

A representation of the virtual cryptocurrency Ethereum is seen among representations of other cryptocurrencies in this picture illustration (REUTERS)Premium
A representation of the virtual cryptocurrency Ethereum is seen among representations of other cryptocurrencies in this picture illustration (REUTERS)

Bitcoin price today continued to decline with the world's largest and most popular digital token trading over a per cent lower at $16,647. The global cryptocurrency market cap today remained below the $1 trillion mark, as it was down in the last 24 hours to $839 billion, as per the data by CoinGecko.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, was almost down 2% at $1,197. Meanwhile, dogecoin price today was trading over 4% lower at $0.07 whereas Shiba Inu was down 2% at $0.000008.

"Most cryptocurrencies are experiencing declines due to the holiday season. At present, Bitcoin is trading below the $16,700 level. Since December 20th, Bitcoin has attempted to break through its resistance at $16,940 but has so far been unsuccessful. If Bitcoin can break through this resistance, its next target would be the $17,400 level. However, if it moves decisively below the support line at $16,500, this could indicate a downward trend. On the other hand, Ethereum has managed to maintain a level above $1,200. If it falls below this level, the next support would be around $1,150," said said Edul Patel, CEO and Co-founder of Mudrex.

Other crypto prices' today performance also declined as Tether, Polygon, Stellar, XRP, Cardano, Litecoin, Polkadot, Chainlink, Uniswap, Solana, ApeCoin, Avalanche, Tron prices were trading with cuts over the last 24 hours.

This year was termed as the winter season in terms of cryptocurrencies, as the high-profile collapses of Terra/Luna and FTX sent shockwaves across the industry and liquidated more than $2 trillion from the total crypto market cap all-time high from November 2021.

Federal prosecutors are investigating an alleged cybercrime that drained more than $370 million out of FTX just hours after the cryptocurrency exchange filed for bankruptcy last month, as per a Bloomberg report.

The Department of Justice has launched a criminal probe into the stolen assets that is separate from the fraud case against FTX co-founder Sam Bankman-Fried, the report added.

(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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Published: 28 Dec 2022, 09:11 AM IST
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