Cryptocurrency Prices today, November 8: 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 20,644. According to CoinGecko, the global crypto market valuation was USD 1.07 trillion in the last 24 hours, although it was still above the USD 1 trillion threshold today.
The second-largest cryptocurrency, Ether, which is connected to the Ethereum network, also fell more than 1 percent to USD 1,573. While Shiba Inu went down approximately 2 percent to USD 0.000011, Dogecoin was trading almost 5 percent lower at USD 0.11 today.
"Bitcoin is currently trading below the USD 21,000 mark, signaling a resumption of the bearish trend. Due to insufficient volume, BTC has decreased by over 2 percent since the previous day. If purchasers are able to take the initiative above the current price, it may rise to the USD 21,000 threshold or decline to the USD 20,400 level. On the other hand, Ethereum has fallen below the USD 1,600 level as market bears become more active. According to Edul Patel, CEO and Co-Founder of Mudrex, "there is a risk that ETH will break out below the USD 1,500 mark and move toward the USD 1,400 area before the end of the month if bears continue to gain momentum.
In contrast to Chainlink and Polkadot, which saw price increases over the past 24 hours, other cryptocurrencies such as Binance USD, Avalanche, Solana, Tether, XRP, Terra, Tron, Litecoin, Uniswap, ApeCoin, Polygon, Cardano, and Stellar performed worse today.
As the Federal Reserve increased interest rates this year, it halted the torrent of stimulus from the previous era that had driven a sharp rise in the price of risky assets. As a result, the market value of all active cryptocurrencies has fallen by more than half. Since the prices of the tokens sharply declined from their high, investors' interest in speculating in them has decreased.
The price of Bitcoin has been trading in a constrained range of around USD 20,000 since June this year after rising to an all-time high of around USD 69,000 in November last year.
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