crypto prices today: Crypto Price Today: Bitcoin holds above $20,000; Polygon & Ethereum rise up to 5%

New Delhi: Crypto tokens were trading higher on Friday, with Bitcoin holding above the key psychological level of $ 20,000.

The asset class looks increasingly likely to remain on the same price track until the inflation numbers release later this month and the outcome of the Federal Reserve meeting, analysts said.

Excluding Tron and Tether pegged to the US dollar, all other tokens were trading higher on Friday. Polygon zoomed in over 5%, while Polkadot gained 3%. Ethereum and Cardano gained more than 2% each.

The global cryptocurrency market cap was trading higher at $ 990.26 billion, down more than 1% in the past 24 hours. However, the total volume of trade fell about 8% to $ 62.76 billion.

Take expert
Edul Patel, CEO and co-founder Mudrex said that despite the drop, Bitcoin has not dropped below the $ 19,000 level, meaning we could see its price trading sideways, thanks to concerns over the FOMC minutes and to macroeconomic uncertainty.

“The second largest cryptocurrency, Ethereum, has been overtaking Bitcoin for some time due to its recent networking activity and upcoming merger,” he added. “It could probably break above the $ 2,000 level before the merger.”

The global cryptocurrency market appears to have digested the expected rate hike and tight monetary policy indicated by the Federal Reserve as there have been no major fluctuations, said Tarusha Mittal, COO, UniFarm.

“Cryptocurrency investors are loyal and long-term holders of cryptocurrencies can beat inflation and create long-term wealth. The selling pressure is expected to cool in the coming weeks as the upcoming holiday season encourages investors to park their cars. own funds in digital assets for healthy returns, ”Mittal added.

Global updates
Cryptocurrency lender Celsius Network, which is in bankruptcy proceedings, filed for the return of custody holder’s funds, before a separate hearing to address ongoing questions about its efforts to restructure and relaunch its operations.

The distribution of funds to former clients of the defunct cryptocurrency exchange Mt Gox will begin on a redemption date to be set “in due course,” according to a notice to creditors.

In late 2020, US federal prosecutors asked cryptocurrency exchange Binance to file internal documents related to its anti-money laundering checks and communications involving CEO Changpeng “CZ” Zhao, Reuters reported.

Technical view of the BuyUcoin cryptocurrency exchange
Bitcoin has recovered from the Fed shock and emerged as the strongest crypto asset.

Bitcoin’s dominance is at 39.22%, a marginal drop of 0.2% suggesting greater participation of other cryptocurrencies in the market movement.

Chart-BTC (2) (1).Agencies

The cryptocurrency market digested the Fed chief’s hawkish remarks last week to address mounting inflationary concerns. Bitcoin is expected to find a higher support level between $ 22,000 and $ 25,000 in the coming weeks, supported by favorable macroeconomic factors.

(The views and recommendations provided in this section are owned by analysts and do not represent those of Consult your financial adviser before taking any position in the asset (s) mentioned.)


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