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In cryptocurrencies, Bitcoin price today was trading above the $43,000 level as the world's most popular and largest cryptocurrency by market value rose more than 2% to $43,600. Bitcoin price is down nearly 6% since the start of the new year. Meanwhile, the global crypto market capitalization surged over 3% to $2.19 trillion, as per CoinGecko.

Bitcoin bounced back to $44,000 levels as the US inflation level reached 7%. After being bearish, the Bitcoin market saw buying momentum picking up in the last couple of days. The RSI surged above 40 after being in the oversold zone for quite some time. On the daily time frame, BTC continued to stay within the descending channel pattern. The next resistance is expected at $47,500 and a key support is expected at $40,000, said Siddharth Menon, COO of WazirX.

Ether, the coin linked to ethereum blockchain and the second largest cryptocurrency, leaped over 3% at $3,342, as per CoinDesk. On the other hand, Dogecoin prices were trading more than 8% higher at $0.16 whereas Shiba Inu was up nearly 15% to $0.000032. Meanwhile, Binance Coin gained over 4% at $480.

"Ethereum saw a sudden burst of buying momentum in the last few hours with over 16,000 ETH being bought in an hour. Also, the Ethereum 2.0 Deposit Contract surpassed $30 billion in overall value. The hourly trend for ETH indicates a breakout from the triangle pattern. Immediate support is expected at the $3,070 mark," added Menon.

The performance of other digital tokens also improved with cryptos like Solana, Cardano, XRP, Litecoin, Polkadot, Polygon, Stellar, Uniswap trading with decent gains over the last 24 hours.

(With inputs from agencies)

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