Bitcoin, Shiba Inu, Other Crypto Prices Plunge Today Ahead of Ether Merger
Cryptocurrency prices traded in tight ranges as the clock ticked down to a major software upgrade for Ethereum, the most commercially important blockchain in the digital asset sector. The decline in Bitcoin’s price continued as the world’s largest and most popular cryptocurrency traded more than one percent lower at $20,016. The global market cap for crypto today topped $1 trillion, though it was nearly flat over the past 24 hours at $1.03 trillion, according to CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, traded flat at $1,592. Ethereum is moving to proof-of-stake for its consensus protocol. The merger, which is expected to be completed in the next few hours after several delays, could lead to wider use of the blockchain.
“Bitcoin continues to trade below the $20,500 level over the past 24 hours, indicating that the bulls have not been active in the market to seize the initiative. The low buying volume confirms sellers’ pressure. If buyers can move BTC above the $20,575 level, we see a potential move up. The second largest cryptocurrency, Ethereum, looks neither bullish nor bearish. This volatility in the crypto market may be due to Ethereum’s transaction to PoS. As the merger passes, BTC and ETH seem to be preparing for an important price movement,” said Edul Patel, CEO and Co-Founder, Mudrex.
Meanwhile, the dogecoin price today was also marginally lower at $0.06, while Shiba Inu fell around 3% to $0.000012. Other crypto prices’ performance today also fell as XRP, Uniswap, Solana, Polygon, Avalanche, Binance USD, Polkadot, Tether, Litecoin, Chainlink, Apecoin, Cardano, Stellar, Tron prices traded with cuts in the last 24 hours.
Bitcoin has been stuck in the tightest trading range, partly reflecting uncertainty about how far central banks will go to raise interest rates in the face of a slowing global economy. Meltdowns such as the Terra/Luna ecosystem and hedge fund Three Arrows Capital have also depressed sentiment, with many crypto firms declaring bankruptcy or struggling to survive.
(With input from agencies)
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