Cryptocurrencies Prices Updates: The price of Bitcoin, the biggest and most well-known digital token in the world, was trading more than 2 percent lower today at USD 16,129. The second-largest cryptocurrency, Ether, which is connected to the Ethereum network, dropped more than 4 percent to USD 1,162.
As per data from CoinGecko, the market capitalization of all cryptocurrencies worldwide fell below USD 1 trillion today after falling by more than 2 percent in the previous day to USD 852 billion.
"Following its recent claim of the USD 16,000 barrier, Bitcoin has been trading sideways. Over the weekend, the price of BTC rallied after rebounding off the USD 15,400 mark. To start an upward trend, buyers must intervene and push BTC above the USD 16,600 mark. But because volatility has declined, neither side is prepared for a swift move, thus BTC is likely to trade sideways for a little longer. However, if the price retreats from the overhead barrier and breaches the USD 15,588 mark, it might portend a downward trend "said Edul Patel, the CEO and co-founder of the international cryptocurrency investment platform Mudrex.
Shiba Inu was down more than 2 percent at USD 0.000008, while Dogecoin was trading more than 6 percent higher at USD 0.09 today. As the values of other cryptocurrencies such as Binance USD, Avalanche, Tether, Terra, Stellar, Polkadot, Solana, Uniswap, ApeCoin, Tron, Polygon, XRP, Cardano, Chainlink, and Litecoin have been falling over the past 24 hours, other cryptocurrencies' performance today has also decreased.
This month saw a steep decline in cryptocurrency values following Sam Bankman-FTX Fried's empire's demise. Investors are now keeping an eye on other cryptocurrency businesses to see how far the virus may spread.
Bitcoin experienced a price surge in 2017 before collapsing, but after several lean years known as "crypto winter," it returned at the end of 2020 and rose to a record-breaking almost USD 65,000 at the beginning of 2021. Currently, however, Bitcoin's market value is down about 70 percent from the same time last year.