Cryptocurrency prices today continued to gain marginally. Bitcoin price jumped nearly 2% to $43,842. The world’s largest cryptocurrency by market capitalization is up 51% this year (year-to-date), and much below its record of near $65,000 it had hit in April, as it came under regulatory crackdowns during the third quarter.
Ether, the coin linked to ethereum blockchain and the second largest crypto, also gained as it was up more than 2% to $3,028. Cardano prices were up marginally at $2.11 whereas dogecoin rose 1% to $0.20. The performance of other digital tokens including XRP, Litecoin, Stellar were mixed over the last 24 hours.
Bitcoin was hit on multiple fronts during the month, including a botched roll-out of the coin as legal tender in El Salvador and tightening of regulatory oversights in the US and China.
“Bitcoin is still bearish. However, it is worth paying attention to an interesting point: the RSI indicator showed a break from the current pattern, which confirms some buy momentum. There may be a retirement from present value in the coming weeks,” said Siddharth Menon, COO of cryptocurrency exchange WazirX.
“The dollar index is consolidating at current levels and may show some weakening in the coming days. Altcoins were also generally boring. Ethereum vs Bitcoin is consolidating in the Triangle. Bulls are expected to pick up ETH above $ 3000 levels, meaning the trend of ETH-BTC will leave this channel pattern. The uptrend could bring the ETH to a resistance level of 4,444 at $ 3,800. However, the recent halt in mining activities may play a role,” Menon added.
China’s central bank last week said all financial transactions involving cryptocurrencies are illegal, sounding the death knell for the digital trade in the country after a crackdown on the volatile digital tokens.
China has been tightening its crackdown on cryptocurrencies, and its efforts to restrain the trading and mining are adding to the wild moves in bitcoin and other markets, which are already down hard from records set earlier this year.
(With inputs from agencies)
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