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Business News/ Markets / Cryptocurrency/  Cryptocurrency prices today rise as Bitcoin, ether trade with slight gains
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Cryptocurrency prices today rise as Bitcoin, ether trade with slight gains

Cryptocurrency Bitcoin traded flat over the weekend as bears continued to pressure the market

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

Bitcoin price today rose marginally as the world's largest and most popular cryptocurrency was 0.6% higher at $19,469. The global crypto market cap today was below the $1 trillion mark, even as it was up slightly in the last 24 hours at $983 billion, as per CoinGecko.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, gained nearly a per cent at $1,324. Meanwhile, dogecoin price today was 2% higher at $0.06 whereas Shiba Inu gained slightly to $0.000011.

Bitcoin traded flat over the weekend as bears continued to pressure the market. BTC has been trading sideways since the plunge a few days back. Over the past month, BTC has gained nearly 1% in value. If buyers can hold the gained initiative, we might see BTC trade above the $19,600 zone soon. But if buyers lose control over the $19,000 mark, one can expect a sharp drop. On the other hand, Ethereum was changing hands above the $1,300 level. The price of Ethereum is trying to rebound from its support trendline. It is likely that the price may consolidate for a few more sessions. ETH’s support now lies at $1,230, while the resistance holds at $1,400," said Edul Patel, CEO and Co-founder of global crypto investment platform Mudrex.

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

According to CryptoCompare, volatility across cryptocurrency markets saw a slight increase in September amid the interest rates spikes and the unstable macro environment.

Bitcoin trading volume against several global currencies has spiked in recent months, including the BTC-GBP (British pound) pair, which rose 233% in September after the currency fell to an all-time low of £1.03 against the US dollar, according to a report by digital asset data provider CryptoCompare.

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: 10 Oct 2022, 10:24 AM IST
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