Bitcoin, dogecoin, Shiba Inu, other cryptocurrencies are under consideration. The price of the bitcoin continued its slide as the digital token fell below $57,000 for the first time since October, retreating from a record high. It was trading at $56,328.8, the world’s largest and most popular cryptocurrency down by 6%. The bitcoin has recently touched a record high of about,000 69,000, and this year (year to date or YTD) is up 93%.
Global crypto market cap slipped to $2.6 trillion, according to tracker CoinGecko. Bitcoin has more than doubled this year, while Ether is up about sixfold. Both scaled records last week amid a fervor for digital assets driven by speculative demand and controversial arguments that they can hedge inflation risks.
“Bitcoin, Ethereum and other major altcoins have been depreciating for almost 3 consecutive days. On a daily timeframe, the bitcoin can be seen moving within a channel pattern, often re-testing the support of the $58,000 mark. RSI indicator. Coming below 40, it is a sign that the token is about to sell out Expect change.
Ethereum, the coin linked to the Ethereum blockchain and the second-largest cryptocurrency, also fell 4% to, $4,075. The price of ether is trading at an all-time high, capturing the news of the bitcoin rally and the adoption of a wider blockchain.
The two-week bull market has seen a sharp three-day recovery. The incident began with a comment from Twitter’s CFO Mr. Ned that it is no longer safe to continue investing in cryptocurrencies. That seems to be the case now. On the other hand, crypto markets are slowly moving towards becoming more secure, “said Sathok Vishwanath, co-founder, and CEO of Unocoin.
Meanwhile, the price of dogecoin fell more than 5% to $0.22 while the Shiba Inu coin also fell 10% to $0.000043. The performance of other cryptocurrencies like Litecoin, XRP, Polkadot, Uniswap, Stellar, Cardano, Solana was also trading with deductions during the last 24 hours.