Friday, August 12, 2022

Cryptocurrency Price Today: Bitcoin Price Over $21,000, Ether, Solana in Green

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Cryptocurrency Price Today: All major crypto coins including Bitcoin, Ethereum and Solana continued to extend their gains for the third consecutive day as the situation finally gained pace. Cryptocurrencies have not had a great year so far, with the global crypto market erasing most of its 2021 gains and sliding back below the $1 trillion levels earlier this month after a market crash. Since three days, however, it is slowly inching upwards to gain back that level. On Saturday, June 25, the global cryptocurrency market rose by 2.67 per cent in the last 24 hours to stand at $954.13 billion at the time of writing this article, as per data.

“The Indian Crypto market continued to rise, by 3.67 per cent in 24 hours as of 4 PM, Friday, data from Crypto Rupee Index, CRE8, show. The index has again out-performed global crypto markets that are up by 3 per cent in the last 24hrs, reaching a total market capitalisation of $988bn. Layer 1 protocol tokens have witnessed brisk buying with ETH and SOL leading the pack in terms of price gain,” said Parth Chaturvedi, crypto ecosystem lead at CoinSwitch.

Bitcoin on the day gained back traction to inch above the $21,000 mark and remained their comfortably. Bitcoin price has risen by almost 4 per cent over the past week. Bitcoin price today jumped by 1.40 per cent in the past 24 hours to trade at $21,220.74 at the time of writing this article, data from CoinMarketCap showed. Ethereum too scaled the $1,200 mark on the day. Ether price today was soaring by 6.29 per cent, to stand at $1,214.56 while writing this article.

“From a Macro perspective, Fed Chair Powell testified in Congress stating that bringing down Inflation remains the Fed’s primary concern, as several Fed representatives came out to support another 75 bps interest rate hike in July. Asian markets digested his remarks well and were all in green, with 1 per cent gains. European indices are sharply higher today with French CAC 40 leading the region, up 2.2 per cent. Primary reason for the jump is the sharp fall in copper prices and commodity prices in general, signalling a slowdown in rising inflation rates. US new home sales data will be released on Friday and will be keenly watched by market observers,” added Chaturvedi.

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