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Business News/ Markets / Cryptocurrency/  Cryptocurrency prices today: Bitcoin, ether gain while dogecoin, Shiba Inu decline
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Cryptocurrency prices today: Bitcoin, ether gain while dogecoin, Shiba Inu decline

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

Souvenir tokens representing cryptocurrency networks Bitcoin, Ethereum, Dogecoin and Ripple plunge into water in this illustration. (REUTERS)Premium
Souvenir tokens representing cryptocurrency networks Bitcoin, Ethereum, Dogecoin and Ripple plunge into water in this illustration. (REUTERS)

Cryptocurrency prices today rose marginally with the world's largest and most popular digital token Bitcoin trading about 0.3% higher at $19,193. After surging to an all-time high of almost $69,000 in November, Bitcoin's price has been trading in a narrow range of around $20,000 since June.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also rose by more than a per cent to $1,299. Meanwhile, dogecoin price today was nearly a per cent lower at $0.05 whereas Shiba Inu was about 0.5% to $0.000010.

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

“Bitcoin has outperformed the other altcoins as it declined by 1.87% over the past week. Neither bulls nor bears are controlling the price of BTC. In such a case, there might not be any sharp moves. BTC might trade sideways for a few days between the $19,000 and $19,200 range. Since the price is fixed above the $19,000 mark, we might see BTC testing the $20,000 zone this month. On the other hand, Ethereum was changing hands at the $1,300 level. If ETH can hold above the current level, we might see ETH reaching US$1,400 soon," said Edul Patel, CEO and Co-founder, Mudrex- A Global Crypto Investment Platform.

The global crypto market cap today was below the $1 trillion mark, even as it was rose nearly a per cent in the last 24 hours at $969 billion, as per CoinGecko.

A volatility gauge for Bitcoin has dropped in recent days to its lowest level since April, reaching 61 on Friday which is a far cry from the 140 it hit in May amid the collapse of the Terra stablecoin ecosystem, as per Bloomberg.

Global markets have sunk in the past few months as central banks around the world raise interest rates to curb soaring inflation. Risk assets like cryptocurrencies have been especially hard hit as recessionary fears rise.

(With inputs from agencies)

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Published: 17 Oct 2022, 08:17 AM IST
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