crypto prices today: Crypto price today: Bitcoin holds above $20,000; Polygon and Ethereum rise up to 5%
It appears that the asset class will increasingly remain in the same price track until the release of inflation figures later this month and the Federal Reserve’s meeting outcome, analysts said.
Apart from Tron and US dollar-pegged Tether, all other tokens traded higher on Friday. Polygon zoomed over 5 percent, while Polkadot gained 3 percent. Ethereum and Cardano gained more than 2 percent each.
The global cryptocurrency market capitalization traded higher at $990.26 billion, falling more than one percent in the past 24 hours. However, total trading volume fell around 8 percent to $62.76 billion.
Expert take
Edul Patel, CEO and co-founder Mudrex said despite the drop, Bitcoin has not gone below the $19,000 level, which means we may see the price trade sideways, thanks to concerns over the FOMC minutes and macroeconomic uncertainty.
“The second largest cryptocurrency, Ethereum, has surpassed Bitcoin for quite some time now due to its recent network activity and the upcoming merger,” he added. “It could probably break out of the $2,000 level before the consolidation.”
The overall crypto market seems to have digested the expected rate hike and the tight monetary policy indicated by the Federal Reserve as there were no major fluctuations, said Tarusha Mittal, COO, UniFarm.
“Crypto investors are loyal and long-term owners of crypto assets can beat inflation and create long-term wealth. Selling pressure is expected to cool in the coming weeks as the upcoming holiday season will encourage investors to park their money in digital assets. for healthy returns,” Mittal added.
Global updates
Crypto lender Celsius Network, which is undergoing bankruptcy proceedings, petitioned to return its custodians’ funds to them, ahead of a separate hearing to address ongoing questions about its efforts to restructure and relaunch its operations.
The distribution of funds to former customers of defunct crypto exchange Mt Gox will begin on a repayment date to be determined “in due course”, according to a notice to creditors.
In late 2020, US federal prosecutors asked crypto exchange Binance to submit internal documents related to its money laundering checks and communications involving CEO Changpeng “CZ” Zhao, Reuters reported.
Technical view of BuyUcoin cryptocurrency exchange
Bitcoin recovered from the Fed shock and emerged as the most robust crypto asset.
The dominance of Bitcoin is at 39.22%, which is a marginal decrease of 0.2% which suggests increased participation of other cryptoassets in the market movement.
Agencies
The crypto market has digested the hawkish remarks from the Fed chief last week to tackle rising inflation concerns. Bitcoin is expected to find a higher support level between $22,000-$25,000 in the coming weeks supported by favorable macroeconomic factors.
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial advisor before taking any position in the asset(s) mentioned.)
