The world's largest and most well-known cryptocurrency, Bitcoin, saw a rise in price today, climbing more than 1 percent to USD 17,207. As per data from CoinGecko, the market capitalization of all cryptocurrencies worldwide today stayed below the USD 1 trillion threshold, albeit increasing over the previous day to USD 902 billion.
"Bitcoin traded hands during the weekend between the USD 16,900 and USD 17,300 levels. It implies a tense struggle for dominance between the bulls and bears. Currently, BTC's support is at USD 16,000, where bears might start trading. To stop the negative trend, buyers will encounter immediate resistance at USD 17,622. Ethereum, on the other hand, has gained more than 10 percent over the weekend and is currently trading close to the USD 1,300 mark. "The bear's weakness would be confirmed if the price can break above the current level," said Edul Patel, CEO and Co-Founder of Mudrex, a worldwide cryptocurrency investment platform.
On the other hand, Ether, the second-largest cryptocurrency and coin associated with the Ethereum network, increased by over 2 percent to USD 1,292. Shiba Inu was up more than a percent at USD 0.000009, while Dogecoin was trading more than 2 percent higher at USD 0.10.
Other cryptocurrency prices have performed better today than Tron, with prices for Binance USD, Avalanche, Tether, Terra, Solana, Polygon, ApeCoin, Litecoin, Stellar, XRP, Cardano, Uniswap, Polkadot, and Chainlink trading higher over the last 24 hours.
Late last year, the cryptocurrency market reached a record-high valuation of around USD 3 trillion, but more than USD 2 trillion of that value was lost due to market instability brought on by rising interest rates and a spate of industry meltdowns. The largest token, Bitcoin, is down 75 percent from its previous high of USD 69,000.
After a week in which a potential merger with rival cryptocurrency exchange Binance fell through, Bankman-Fried was accused of diverting customer deposits to FTX's associated trading firm Alameda Research, and the exchange saw withdrawals of about USD 6 billion in just 72 hours, FTX declared bankruptcy in November.