Bitcoin Trades Above $21,000, Ether, Solana Back In Green
Cryptocurrency price today: Major crypto tokens traded mixed on Tuesday after the US Federal Reserve turned hawkish amid renewed inflation concerns, spooking traders. The largest cryptocurrency with 39.8 percent dominance, Bitcoin (BTC), traded with gains above $21,000. The second largest cryptocurrency, Ethereum (ETH), traded with gains.
Most crypto-tokens have fallen up to 20 percent in the past week, following the release of US FOMC minutes, suggesting the bank will maintain its current inflationary 75 basis point rate hikes.
Solana topped the losers followed by Shiba Inu with a 2 percent cut, while Cardani and Ethereum each had similar gains. The global cryptocurrency market cap traded marginally higher at $1.02 trillion, almost unchanged over the past 24 hours. However, total trade volume rose by over 18 percent, close to $70.62 billion.
“Bitcoin, Ethereum and most cryptocurrencies fell slightly as investors worry about monetary policy and uncertainty. The two major cryptocurrencies have fallen more than 10% since the last week after July’s Federal Open Market Committee meeting was announced. If BTC can close over $21,500 today with less selling volume, we can expect it to touch $22,400 soon. While on the other hand, the hype surrounding Ethereum and the merger has slowly started to die down, causing the price to slide. The downtrend may be temporary as the merger is still a month away and ETH may gain momentum before then, says Edul Patel, CEO and co-founder of global crypto investment platform Mudrex.
An indicator known as the moving average convergence divergence MACD also flashed a warning sign. The MACD has turned negative, which for some technical analysts is a sign that Bitcoin may continue to come under pressure. The decline in recent days has also taken Bitcoin and the MVIS CryptoCompare Digital Assets 100 Index below their 50-day moving averages, as reported by Bloomberg.
Cryptos have struggled through the first half of the year as the Federal Reserve raised interest rates to combat stubbornly high inflation. After the collapse of a major pair of tokens, some cryptocurrency lenders froze customer withdrawals, and several crypto firms have cut jobs.
Here are the top 10 cryptocurrencies and their prices on August 23, Tuesday (data from coinmarketcap.com at the time of publishing this article)
Bitcoin $21,365.40 or 0.46 percent loss in the last 24 hours
Ethereum $1,605.23 or 2.03 percent loss in last 24 hours
Tether $1.00 or 0.00 percent loss in last 24 hours
USD Coin $1.00 or 0.03 percent gain in last 24 hours
BNB $296.94 or 0.43 percent loss in last 24 hours
Binance USD 1.00 or 0.05 percent gain in last 24 hours
XRP $0.3339 or 2.71 percent loss in the last 24 hours
Cardano $0.3391 or 1.01 percent gain in the last 24 hours
Solana $35.18 or 0.14 percent gain in the last 24 hours
Dogecoin $0.06823 or 1.78 percent gain in last 24 hours
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