cryptocurrency prices today: Top cryptocurrency prices today: Bitcoin, Dogecoin fall marginally; Terra gains 4%

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New Delhi: Major digital tokens traded on a lacklustre note in Wednesday’s session, with Bitcoin holding ground just below its highest this year, touched a day earlier. Overall the crypto behemoth has added 27 per cent since Russia’s invasion of Ukraine.

The crypto cart showed some mixed signs as XRP, Dogecoin, Avalanche and Shiba Inu dropped up to 2 per cent. On the other hand, Terra rallied 4 per cent. Solana, Ethereum and stablecoins also gained.

The global cryptocurrency market cap remained almost flat at the $2.13 trillion mark, dropping marginally in the last 24 hours. Total cryptocurrency trading volume tumbled as much as 5 per cent to $116.45 billion.

Expert Take
Bitcoin has been surging for the past eight days and gathering momentum as it broke through a major resistance wall. Although profit booking is due for Bitcoin, the onchain analytics has indicated that the crypto has just started its move towards the upside, said WazirX Trade Desk.

“The most interesting insight is that when a significant supply of Bitcoin ages beyond a year, the market starts making its move towards the upside,” it added.

Global updates
The latest crypto hack may be the largest yet. The gaming-focused Ronin Network announced Tuesday a loss of over $625 million in USDC and Ethereum.

Investment firm WisdomTree launched another tranche of crypto exchange-traded products (ETP) in the European market.

Lionel Messi has signed an agreement worth more than $20 million to promote digital fan token company Socios.com, a source close to the deal told Reuters. Messi becomes the latest global sports personality to enter the crypto world.

MacroStrategy, a subsidiary of MicroStrategy (MSTR), has received a $205 million term loan from crypto payments provider Silvergate Bank (SI).

Tech view by BuyUcoin
Bitcoin is over the moon. It has finally broken out of a window it has been trading in since early November. After a parabolic move, it broke a potential $46,000 resistance zone and is currently testing a 50-day moving average (MA) line. This moving average is a key trend indicator and if the price exceeds it, the trend is again considered bullish.

Another interesting point to note is the upcoming crossover of the 50-day and 100-day moving averages. This is considered a sign of bullishness.

ET CONTRIBUTORS

The RSI also indicates a possible correction as its value is above 70, which is considered to be overbought territory, so this increases the probability of a bearish reversal.

But in the 4-hour time frame, the price may find some resistance due to this ascending trend (shown in the black trendline). If the bullish sentiment does not hold any longer, then the price of BTC may appear again to be at the $40K level if the price breakout the ascending trendline then the prices may surge towards $52,000.

Major levels:

Support: $1.67, $1.71

Resistance: $1.77, $1.81, $2

(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)

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