Cryptocurrency Price Today: The global cryptocurrency market on Friday, July 1, continued to decline as it remained in the red zone for four consecutive days. Recession worries and inflationary pressures have sent most cryptocurrencies into volatile mode, especially after a report concluded that the US economy shrank 1.6 percent in the first quarter of this year. Investors worried about this have been trying to sell their coins, while the stock markets are also volatile, while also not wanting to invest in riskier assets.
The global cryptocurrency market fell further below the $900 million mark early on Friday. At the time of writing this article, the cryptocurrency market cap was $873.11 billion, down 1.89 percent from the past day, data from CoinMarketCap showed. On the other hand, the total crypto market volume in the last 24 hours stood at $75.89 billion, which is an increase of 23.26 percent in the last 24 hours – indicating a sell-off.
Bitcoin on the day also plunged back below $20,000 after recovering on the previous day. Bitcoin price today registered a value of $19,398.55 at 1152 IST, which is a 2.83 percent dip in the past day.
Bitcoin dropped below $19K in the past day before recovering above $20,000. Meanwhile, the BTC balance on exchanges has reached a critically low level according to data from Galssnode. It is an indication that Bitcoin investors and whales are accumulating and minting their coins despite falling prices. This is a bullish sign that could eventually cause a reversal in the trend. The daily trend for BTC is in a descending triangle pattern. The next major support is expected at $14,000,” the WazirX Trade Desk said.
Meanwhile, Ether price remained flat today, barely dangling above $1,000 for two consecutive days. At the time of writing this article, the Ethereum price stood at $1,053.43, down 3.03 percent in the past 24 hours.
“Ethereum versus Bitcoin is down more than 6% since the beginning of this week as the Bitcoin Dominance index has continued to rise in recent days. The daily trend for ETH-BTC is within an ascending triangle pattern. The daily RSI dropped below 40 and moved closer to the oversold zone. The next major support for ETH-BTC is expected at the 0.046 level and the next resistance is expected at 0.076,” added the WazirX Trade Desk.
Here are the top 10 cryptocurrencies and their prices as of July 1, 2022, Friday, (according to data from coinmarketcap.com)
Bitcoin $19,398.55at or 2.83 percent gain in the last 24 hours
Ethereum $1,053.43 or 3.03 percent loss in the last 24 hours
Tether $0.9989 or 0.01 percent loss in the last 24 hours
USD Coin $1.00 or 0.01 percent loss in the last 24 hours
BNB $218.74 or 0.63 percent gain in the last 24 hours
Binance USD $0.9999 or 0.19 percent loss in the last 24 hours
XRP $0.3166 or 2.65 percent loss in the last 24 hours
Cardano $0.4521 or 2.10 percent loss in the last 24 hours
Solana $32.69 or 0.30 percent gain in the last 24 hours
Dogecoin $0.06498 or 3.24 percent loss in the last 24 hours
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