The world's largest and most well-known cryptocurrency, bitcoin, had a sharp decline in price today, falling more than 2% to $19,061. Even though it had increased marginally in the previous day to $983 billion, the global crypto market valuation today was below the $1 trillion threshold, according to CoinGecko.
The second-largest cryptocurrency, Ether, which is connected to the Ethereum blockchain, also had a slight dip, falling by around 3% to $1,280. Shiba Inu's price fell more than 8% to $0.000010, while Dogecoin's price today was almost 5% lower at $0.05.
"The 2% decline in Bitcoin (BTC) during the past day suggests that sellers are attempting to strengthen their positions by pushing the price below the uptrend line. If they are successful in seizing control, BTC might fall to support levels of $18,125 and possibly $17,622 in the future. Ethereum, on the other hand, fell more than 4% and is currently trading at $1,200. ETH is down more than 65% so far this year. The selling could get worse and ETH could drop to the support line if it drops below the present level "said Edul Patel, CEO and co-founder of the international cryptocurrency trading site Mudrex.
As prices for Avalanche, Binance USD, Polkadot, Cardano, Chainlink, Tether, ApeCoin, Solana, Litecoin, XRP, Stellar, Terra, Polygon, Stellar, Tron, and Uniswap have been trading at lower levels over the past 24 hours, other cryptocurrencies' performance today has also decreased.
As central banks throughout the world raised interest rates to tame growing inflation, the value of the global markets fell over the past few months. As fears of a recession increase, risky assets like cryptocurrency have been particularly severely hit.
As more businesses utilised the energy and data centre space made available by the improvement of the Ethereum network, the amount of processing power devoted to Bitcoin mining increased to a record level, presumably further narrowing profit margins.
In the two weeks that ended on Monday, mining difficulty, a gauge of Bitcoin miners' computational power for the blockchain, increased by 13.6%. Also, since last May, that was the biggest biweekly adjustment. The decrease in ether mining is partially responsible for the rise.
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