Cryptocurrency Prices and Market Updates: Bitcoin Reaches $24k; Ethereum Trends as Merge Approaches
Posted by Anushiem Chidera on August 9, 2022 in News/Updates
Cryptocurrency Prices and Market Updates: Bitcoin Reaches $24k; Ethereum Trends as Merge Approaches
On Tuesday morning, the two biggest cryptocurrencies by market cap, Bitcoin (BTC) and Ethereum (ETH) were trading with gains. Ethereum has remained the most trending cryptocurrency for the second day in a row.
As of 5:00 am (local time), crypto's market capitalization increased by 1.77 percent to $1.12 trillion. The global volume of crypto volume traded increased by 71.22 percent, reaching $70.6 billion, according to data from Coinmarketcap. About $9.6 billion, or 13.59 percent of the 24-hour volume of the entire crypto market is traded in the Decentralized Finance(DeFi) sub-space.
Bitcoin (BTC)
As of 5.00 am (GMT+1), Bitcoin rose by 2.26 percent to $23,828.54 and currently commands a 40.49 percent dominance of the global crypto market. With respect to price analysis, BTC started its upward trend sometime around 7:30 PM on August 8 and reached a high of $24,203.69 around 1:30 PM. There was a swift move above the $23,500 resistance. The bulls were briefly able to push the price above the $24,000 resistance and there was a close just above the 100 hourly simple moving average. There was a spike above the $24,200 level before prices fellow just above the $23,500 resistance zone.
Ethereum (ETH)
The price of Ethereum this morning was $1,774.71 and it has been up 2.39 percent at press time. With respect to price analysis ETH saw strong support. Although prices fell slightly in the negative territory on August 8 at $1,711 around 7:30 AM, it picked up shortly after and rallied for the next two hours. The highest price ETH reached was $1,806.82. ETH’s trading volume jumped by 72.08 percent at $17,219,473,899. Many believe the high volume of conversation around crypto’s second largest coin is due to the forthcoming merge on September 19.
Other Altcoins
Solana's price today has been up by 1.77 percent at $42.19 at press time. Cardano (ADA) has been up by 0.43 percent at $0.532 at press time. Binance (BNB) was down 0.75 percent at $324.51 at press time. Its 24-hour trading volume shot up by 16.35 percent at $1,229,691,084 at the time of writing.