Bitcoin Trades Above $21,000, Ether, Solana Back in Green
Cryptocurrency Price Today: Major crypto tokens traded mixed on Tuesday after the US Fed turned hawkish amid renewed inflation worries, which spooked traders. The largest cryptocurrency with 39.8 per cent dominance, Bitcoin (BTC), was trading with gains above the $ 21,000 mark. The second largest cryptocurrency, Ethereum (ETH), was trading with gains.
Most crypto tokens have dropped up to 20 per cent in the last one week, following the release of US FOMC minutes, suggesting the bank would maintain its current inflation prescription of 75-basis point, interest rate hikes.
Solana topped among the losers followed by Shiba Inu with a 2 per cent cut, whereas Cardani and Ethereum posted similar gains each. The global cryptocurrency market cap was trading marginally higher at the $1.02 trillion mark, almost unchanged in the last 24 hours. However, the total trading volume rallied over 18 per cent, close to $70.62 billion.
“Bitcoin, Ethereum, and most cryptocurrencies fell slightly as investors worry over the monetary policies and uncertainties. The two significant cryptocurrencies have dropped more than 10% since the past week after July’s Federal Open Market Committee’s meeting was released. If BTC can close above $21,500 today with less selling volume, we can expect it to touch $22,400 soon. While on the other hand, the hype around Ethereum and merge has slowly started to die, causing the price to slide. The downward trend could be temporary as the merge is still a month away, and ETH may gain momentum before it,” said Edul Patel, CEO and Co-founder of global crypto investment platform Mudrex.
An indicator known as the moving average convergence divergence MACD also flashed a warning sign. The MACD has turned negative, which for some technical analysts is a sign Bitcoin may continue to come under pressure. The decline of the past few days has also taken Bitcoin and the MVIS CryptoCompare Digital Assets 100 Index below their 50-day moving averages, as reported by Bloomberg.
Cryptos have struggled through the first half of the year as the Federal Reserve hiked rates to combat stubbornly high inflation. Following the collapse of a major pair of tokens, some cryptocurrency lenders froze customer withdrawals, and several crypto firms have cut jobs.
Here are the top 10 cryptocurrencies and their prices on August 23, Tuesday (data from coinmarketcap.com at the time of publishing this article)
Bitcoin $21,365.40 or 0.46 per cent loss in the last 24 hours
Ethereum $1,605.23 or 2.03 per cent loss in the last 24 hours
Tether $1.00 or 0.00 per cent loss in the last 24 hours
USD Coin $1.00 or 0.03 per cent gain in the last 24 hours
BNB $296.94 or 0.43 per cent loss in the last 24 hours
Binance USD $1.00 or 0.05 per cent gain in the last 24 hours
XRP $0.3339 or 2.71 per cent loss in the last 24 hours
Cardano $0.3391 or 1.01 per cent gain in the last 24 hours
Solana $35.18 or 0.14 per cent gain in the last 24 hours
Dogecoin $0.06823 or 1.78 per cent gain in the last 24 hours