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Business News/ Markets / Cryptocurrency/  Cryptocurrency prices today: Bitcoin, ether fall. Check latest rates
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Cryptocurrency prices today: Bitcoin, ether fall. Check latest rates

After surging to an all-time high of almost $69,000 in November last year, Bitcoin's price has been trading in a narrow range of around $20,000 since June

Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration.Premium
Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration.

Cryptocurrency prices today plunged with the world's largest and most popular digital token Bitcoin trading more than a per cent lower at $19,060. After surging to an all-time high of almost $69,000 in November last year, Bitcoin's price has been trading in a narrow range of around $20,000 since June this year.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also declined by more than 2% to $1,282. Meanwhile, dogecoin price today was trading lower at $0.05 whereas Shiba Inu was also about 2% down to $0.000010.

“Bitcoin traded sideways in the past 24 hours. The price of BTC is rangebound and is unable to figure out a clear direction as both bulls and bears are struggling to dominate the market. Currently, BTC is trading at just above the US$19,000 level. There are chances that bears might attempt to challenge the immediate support at US$18,843. However, the first sign of strength may attract further buying towards the US$20,500 level. The second largest cryptocurrency, Ethereum, has been changing hands at the US$1,280 level. Any slip below the current level could take ETH towards its immediate support at US$1,263 and then at US$1,190," said  Edul Patel, CEO and Co-founder, Mudrex.

Other crypto prices' today performance also declined as Avalanche, Binance USD, Polkadot, Cardano, Chainlink, Tether, ApeCoin, Solana, Cardano, Polygon, XRP, Terra, Stellar, Uniswap, Tron, Litecoin prices were trading with cuts over the last 24 hours. The global crypto market cap today was below the $1 trillion mark, as it was down more than a per cent in the last 24 hours at $951 billion, as per CoinGecko.

The European Union will develop an energy efficiency label for cryptocurrencies like Bitcoin in a bid to rein in the growing electricity consumption of the industry.

The European Commission will work with international partners to come up with a grading measure that will encourage more environmentally friendly crypto systems, such as “proof of stake," according to a draft proposal seen by Bloomberg News set to be announced Tuesday.

(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: 20 Oct 2022, 08:27 AM IST
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