The global cryptocurrency market cap goes almost flat in the last 24 hours
New York City: Today, the values of cryptocurrencies saw a little increase, with Bitcoin, the biggest and most popular digital token in the world, trading practically flat at $19,045 with a favorable bias. According to CoinGecko, the total value of the worldwide cryptocurrency market cap was lower than one trillion dollars today, even if it has been relatively stable over the course of the previous twenty-four hours at $957 billion.
“On Tuesday, Bitcoin and other alternative cryptocurrencies had a minor decrease in value due to the increased strength of bears in the market, who are preventing bulls from making any headway. The major psychological support level for bulls is located around $19,000, where BTC has been trading recently. This level is important. It is possible that BTC’s support may drop all the way down to $18,000 if the bulls lose control of it. The low volume makes it possible that the bounce back may take some time. On the other side, after the Merge, the price of Ethereum has not yet been able to establish a trend that is positive, and this fight continues. If Ethereum can successfully retake the level of $1,400, then we may see a rising trend. On the other hand, if it were to go below the present level, Ethereum would likely retest the $1,000 zone “Edul Patel, current CEO and co-founder of Mudrex, made this statement.
Ether, on the other hand, which is connected to the blockchain of Ethereum and is the second biggest cryptocurrency, also increased marginally by 0.3% to reach the price of $1,281. While this was going on, the price of dogecoin increased by almost 2%, reaching $0.05, while the price of shibain increased by over 1%, reaching $0.000010.
Other cryptocurrency prices’ performance today was mixed, as the prices of Avalanche, Binance USD, Polkadot, Cardano, Chainlink, Tether, ApeCoin, Solana, Litecoin, Terra, and Polygon were trading with marginal gains over the past 24 hours. On the other hand, the prices of Uniswap, Stellar, XRP, Tron, and Cardano dropped significantly.
In the last several months, global markets have fallen as a result of central banks across the globe increasing interest rates in an effort to limit growing inflation. As concerns about economic contraction have increased, risk assets such as cryptocurrency have been particularly badly hit.
The widespread selling of digital currencies this year has been detrimental to the development of new cryptocurrencies. According to data from research firm PitchBook, which was reported by Bloomberg, venture capital investment in the industry dropped to its lowest level in more than a year during the third quarter. Globally, VC firms invested $4.44 billion in crypto startups in the quarter, which is a 37% decline from the same period in 2021.