Cryptocurrency prices today were trading with gains with Bitcoin hovering above $65,000 level. The most popular and largest cryptocurrency by market capitalization surged over 1.5% to $65,855. Bitcoin, which recently hit record high of around $69,000, is up over 127% this year (year-to-date or YTD) so far.
Bitcoin’s ride has been volatile as the most popular digital token plunged below $30,000 in June amid criticism of its energy consumption and China’s cryptocurrency crackdown. It then began to recover in part as the crypto sector adjusted to China’s broadsides.
“After surging past the $69K mark and making a new ATH, Bitcoin is sitting strong around the $65000 levels. BTC has broken out of the Flag pattern and poised for a fresh bull run. Bitcoin could essentially break the 6-figure mark in Q4. Immediate support is expected around $58,000,” said Siddharth Menon is COO at cryptocurrency exchange WazirX.
Ether, the coin linked to ethereum blockchain and the second largest crypto, also gained more than a per cent to $4,706. Ether has been trading around an all-time high, catching up with bitcoin’s rally and riding on news of wider blockchain adoption.
“Ethereum against Bitcoin appears strong with the recent surge past its previous resistance of $0.071. The daily trend indicates a descending channel breakout. Immediate support is expected around 0.070 and resistance around 0.079 levels. Interestingly, the Ethereum address activity has grown by almost 50% in the month of October’21 owing to major rise in demand,” said Menon.
Dogecoin price was up marginally to at $0.26 whereas Shiba Inu rose to $0.000052. The performance of other cryptocurrencies like Litecoin, XRP, Polkadot, Uniswap, Stellar, Cardano, Solana also were trading with marginal gains over the last 24 hours.
(With inputs from agencies)
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