Bitcoin prices on Monday gained marginally about 0.1 per cent in the past 24 hours to $16,846.61 amid the volatile past week. Compared with a week ago, the cryptocurrency is up 0.8 percent. In the past 24 hours, Ethereum has remained flat, while in the past 7 days, it has gained about 2.8%. CoinGecko data indicates that the global cryptocurrency market capitalization is $845 billion, a 0.1 percent increase from Monday.
In the last day, cryptocurrency trading volume totaled $27.1 billion. Bitcoin’s dominance is 38.4 percent, while Ethereum’s is 17.4 percent. CoinGecko now tracks 12,903 cryptocurrencies.
In Monday’s trading, Polygon was up by 0.2 percent to 0.799560, while Dogecoin was down by 2 percent to $0.075589.
Edul Patel, the CEO and co-founder of Mudrex, noted that the price of bitcoin stayed beneath $17,000 during the past weekend. He also remarked that it has been facing difficulty on both ends, denoting a disagreement between market contributors. If bitcoin is able to finalize above the $16,900 level, its prior ascending tendency might continue. On the other hand, ether has been comparatively unchanging throughout the weekend with not enough impetus for a noticeable change in rate. Presently trading within a limited band with no clear bullish or bearish signs, if it surges beyond the support tier of $1,230 then an uptrend is likely.
Crypto assets such as Bitcoin, Ethereum, and Polygon have seen sharp drops multiple times in 2022, making it the worst year for cryptocurrencies. The year also saw the fall of a major crypto exchange FTX due to the liquidity crisis. Moreover, authorities raided crypto exchanges in India during the year. Several experts predict that cryptos will continue to lose value in 2023 as well due to systemic issues.
Cryptocurrency Bitcoin has seen a massive decline of about 65 percent in the current financial year, compared to about $47,600 at the beginning of the year (January 1). In the same vein, Ethereum fell 68.15 percent year-to-date to $3,834, compared to $2,56 apiece on January 1, 2022. MATIC or Polygon had been at $2.56 at the beginning of the year.