Cryptocurrency prices today were mostly down with Bitcoin above $45,000 mark. The digital token was trading last down 1.5% at $45,709. The world’s largest and most popular cryptocurrency is down about 0.6% in 2022 (year-to-date or YTD) so far. It is about 30% far away from its record high of near $69,000 it had hit in November last year.
“On the daily timeframe, the BTC trend can be seen retesting the previous breakout level. The next resistance is expected at $48,600 and next support is expected at $34,200 level,” said Siddharth Menon, COO of WazirX.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization was also down nearly 2% to $3,436. Meanwhile, dogecoin price was marginally lower at $0.145562 whereas Shiba Inu was also trading down 1.6% at $0.00002636.
“With Ethereum transitioning to the Proof-of-stake(PoS) mechanism, the use cases for ETH will go up considerably and we could see its dominance against Bitcoin grow even stronger,” Menon added.
The performance of other digital tokens were mixed with Cardano trading with gains whereas Polygon, Litecoin, Stellar, Uniswap, Solana, Terra, Polkadot slipped over the last 24 hours. The global cryptocurrency market capitalisation was above the $2 trillion mark as it rose to $2.25 trillion, more than a per cent change in the last 24 hours, as per CoinGecko.
Meanwhile, cryptocurrency volumes in India have dropped new laws to tax the digital assets kicked in on 1 April, according to Bitcoin.com. The Parliament approved the Finance Bill, which effects the cryptocurrency taxational laws announced in Budget.
Solana’s SOL and Terra’s Luna have been among the biggest gainers in the cryptocurrency universe in the past week, a sign of a broadening rally in digital tokens following Bitcoin’s revival.
SOL is up 28% in the past seven days and Luna about 22%, according to tracker CoinGecko. Bitcoin over the same period is little changed, having jumped about 40% from a January low.
