Bitcoin, ether, dogecoin rise as cryptocurrency prices increase today

“Bitcoin, Ethereum and most cryptocurrencies witnessed a market-wide rally with small gains in the last 24 hours, rejecting their annual lows. The price of Bitcoin has fixed above the resistance level at $15,932. If bulls can hold the initiative achieved today, BTC is likely to trade above $16,300 soon. On the other hand, even though Ethereum hit its low at $1,074, it bounced off the level. The drop may be due to a number of institutional investors actively using ETH to get liquidity amid the market crisis. If bulls can hold ETH above the current level, we could see it trading at the $1,200 level by the end of the day,” said Edul Patel, CEO and co-founder of Mudrex.

The global crypto market capitalization today remained below $1 trillion, although it is up over 4% in the last 24 hours to $855 billion, according to data from CoinGecko.

Meanwhile, the dogecoin price today traded over 8% higher at $0.07, while Shiba Inu was up over 6% at $0.000008. The performance of other crypto prices today also improved as the prices of Binance USD, Avalanche, Tether, Terra, Stellar, Polkadot, Solana, Uniswap, ApeCoin, Tron, Polygon, XRP, Cardano, Chainlink, Litecoin traded higher in the last 24 hours.

Crypto prices plummeted this month following the collapse of Sam Bankman-Fried’s FTX empire. Now investors are looking at other crypto companies to see how far the contagion can spread. Genesis, a digital asset brokerage, warned of possible bankruptcy unless it can raise cash. Crypto lender BlockFi Inc. is also struggling to stay afloat. Money has flowed out of stock exchanges as investors seek self-custody insurance, according to a Glassnode analysis.

(With input from agencies)

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