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Bitcoin at $20,400; Ethereum climbs 4%, Dogecoin edges lower


Cryptocurrencies mostly advanced in the last 24 hours, recovering a bit, as financial markets globally digested US Federal Reserve’s hawkish commentary on taming inflation that is seen bringing pain to American businesses and households.

Bitcoin, the largest cryptocurrency by market capitalisation, rose 0.90 per cent to $20,400.14 in the last 24 hours, yet it was down 3.94 per cent in the last seven days.

Ethereum climbed 4.34 per cent to $1,606.04, reducing its seven day fall to 0.55 per cent.

BNB advanced 0.70 per cent to $288.73. This crypto has fallen 2.7 per cent in the last seven sessions. XRP rose 0.75 per cent, Cardano added 2.85 per cent while Solana gained 0.85 per cent in the last 24 hors.

Dogecoin fell 0.37 per cent and was down over 6 per cent for the 7-day period. Polkadot, Polygon and Shiba Inu rose up to 2 per cent.
The global cryptocurrency market cap was trading at $992.83 billion mark, rising 1.25 per cent in the last 24 hours. The total trading volume was up 15.36 per cent at $74.70 billion.

Sathvik Vishwanath Co-Founder CEO Unocoin said most coins and tokens stayed in the green zone for most days in the last 2 weeks, but the price drop was as significant, as high as 30 per cent, specifically in bitcoin.

He noted that the drops are faster than the gains and that Tuesday was a bad day, with 95 per cent of the global crypto market in the red zone.

“This huge turn-around was unexpected. Based on the past patterns, it is rare to get a turn around during the rest of the week when the bear market starts mid week,” he said.

BuyUcoin cryptocurrency exchange said the crypto market has digested the hawkish remarks by the Fed chief. It said Bitcoin may find a higher support level in the $22,000-$25,000 range in coming weeks supported by favorable macroeconomic factors.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)

Read More: Bitcoin at $20,400; Ethereum climbs 4%, Dogecoin edges lower

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