Cryptocurrency Prices Today Surge As Bitcoin, Ether, Dogecoin, Shiba Inu Gain

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A representations of cryptocurrencies in this illustration. (REUTERS)

Cryptocurrency prices today rose as Bitcoin continued to surge above the $41,000 mark. The world’s largest and most popular cryptocurrency rose more than 2% to $41,386. The global crypto market’s value today gained over 2% in the past 24 hours to $2 trillion, according to pricing from CoinGecko.

“The daily trend for BTC looks encouraging as it continues to traverse in a bullish manner within an ascending channel pattern. We could expect an upward momentum in the coming days based on the recent trend behaviour. The next resistance is expected at $48,600 and an immediate support for BTC is expected at $37,600,” said Siddharth Menon, COO of WazirX.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency also jumped more than a percent to $3,094. Meanwhile, dogecoin price today surged more than 3% to $0.14 whereas Shiba Inu jumped nearly 2% to $0.000025.

Other digital tokens were mixed as Avalanche, Cardano, Solana, Polkadot, Stellar, Uniswap, Polygon, Terra, Litecoin were trading with gains over the last 24 hours, whereas XRP, Tether were almost flat.

Bitcoin has been struggling along with risk assets in recent months. It’s largely traded in a range of $35,000 to $45,000 this year as the Federal Reserve started hiking interest rates amid stubbornly high inflation.

Analysis from data provider Glassnode suggests that interest in Bitcoin has remained muted, with little growth in the coin’s user base and minimal flows of new demand. Bitcoin’s share of the market has fallen to about 40% from 65% at the start 2020, according to CoinMarketCap data.

(With inputs from agencies)

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