Crypto Price Today Live: Bitcoin Tops $20,000; Avalanche & Ethereum get 6% each
Bitcoin fell below $20,000 on Sunday as part of a broader retreat in the cryptocurrency market amid concerns about the Federal Reserve’s rate hike path, Reuters reported.
Fed Chairman Jerome Powell’s speech at the Jackson Hole conference spooked traders around the world in all riskier asset classes. Despite the rise, the total market capitalization of the crypto space remained below $1 trillion.
The global cryptocurrency market capitalization traded higher at $980.62 billion, rising more than 3 percent in the past 24 hours. However, total trading volume fell around 20 percent to $64.88 billion.
Global updates
Fintech firm Lightnet Group, the creator of cross-border blockchain-based payment infrastructure, has received a $50 million commitment from investment group LDA Capital, the firm said. Singapore’s central bank wants to foster a digital asset ecosystem while curbing crypto speculation, said Ravi Menon, chief executive of the Monetary Authority of Singapore (MAS).
Polkadot parachain Moonbeam has integrated LayerZero cross-chain messaging protocol to facilitate Web3 interoperability, Polkadot said.
MundoCrypto has released Metaverse as a new training area for the crypto community under the model Learn to Earn and Proof of Community, two of the pillars of this new project.
Expert take
Edul Patel, CEO and co-founder, Mudrex, said Bitcoin’s price rallied after falling below the $20,000 level over the weekend. It may take some time for BTC to come back as it has not gathered the strength to make an upward move.
“The price of BTC is affected by the recent hawkish Federal Reserve comments and the upcoming Ethereum merger,” he said. “Ethereum has outperformed BTC in recent months as the merger approaches,” he added.
Tech View of Giotto’s Crypto Platform
One of the leading Layer-1 scaling solutions, Cardano is the first ever smart contract platform based on peer-reviewed research and a 5-layer roadmap. Ahead of the Vasil upgrade, ADA, Cardano’s native token, has faced a lack of momentum and a clear price breakout.
ADA is currently trading at $0.45, down 25 percent from its August high of $0.54. ADA has underperformed compared to other tier-1 blockchains. The price chart showed a bearish accumulation in progression.
After moving in an ascending parallel channel until mid-August, the currency witnessed a steep decline and lost all its gains before again choosing to move in another ascending parallel channel.
Currently, it is now trading near the July levels forming a double bottom setup and signaling a bullish reversal. It needs to break above the neck resistance at $0.46 before it can confirm a trend reversal. Any move towards the August high of $0.54 will bring huge gains into play.
Great levels
Resistance: $0.46, $0.48, $0.54
Support: $0.43, $0.42
ETMarkets.com
