Bitcoin prices on Monday gained marginally about 0.1 per cent in the past 24 hours to $16,846.61 amid the volatile past week. The cryptocurrency is also up about 0.8 per cent compared with 7 days ago. Ethereum is flat in the past 24 hours, while it is up 2.8 per cent in the past 7 days. The global cryptocurrency market cap today is $845 billion, a 0.1 per cent up, on Monday, according to data from CoinGecko.
Total cryptocurrency trading volume in the last day is at $27.1 billion. Bitcoin dominance is at 38.4 per cent and Ethereum dominance is at 17.4 per cent. CoinGecko is now tracking 12,903 cryptocurrencies.
Polygon was up by 0.2 per cent at 0.799560. Dogecoin, however, was trading down by 2 per cent to $0.075589 on Monday.
Edul Patel, CEO and co-founder of Mudrex, said, “The price of bitcoin remained below the $17,000 mark over the weekend. In the past few days, bitcoin has faced resistance on both sides, indicating a lack of consensus among market participants. If bitcoin can close above the $16,900 level, it may resume its previous upward trend. Meanwhile, ethereum has been relatively stagnant over the weekend, lacking the momentum for a significant price shift. It is currently trading in a narrow range without any clear bullish or bearish signals. If the price moves above the support level of $1,230, it could potentially see an upward trend.”
The year 2022 has been the worst year for cryptocurrencies, the virtual assets including Bitcoin, Ethereum and Polygon saw sharp plunges multiple times in the current calendar year. The year also saw the fall of a major crypto exchange FTX due to the liquidity crisis. In India, crypto exchanges were also raided by authorities. Experts said that the downfall in cryptos will continue in 2023 also due to systemic issues in the crypto world.
Major private cryptocurrency Bitcoin has seen a massive decline of about 65 per cent in the current financial year, compared with about $47,600 at the beginning of the year (January 1). Similarly, Ethereum also crashed about 68.15 per cent year-to-date, compared with $3,834 on January 1, 2022. Polygon or MATIC had stood at $2.56 apiece on January 1, 2022.
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