Cryptocurrency Update: It was another choppy day for the global cryptocurrency market as all major cryptocurrencies plunged in the early hours of Monday, April 25, leaving the entire market in the red. Bitcoin traded below $39,000 after more than a month. Today’s Bitcoin price stood at $38,961.56 at the time of writing this article, down 1.87 percent in the past 24 hours, according to data. The global cryptocurrency market also fell 2.32 percent in the past 24 hours and was valued at $1.80 trillion, data from CoinMarketCap showed.
“Bitcoin sank slightly, dropping below $39,000 for the first time in over a month. However, Bitcoin reserves on exchanges continued to shrink and are in fact at a record low. This correlates with the massive accumulation of BTC by whales and institutions, creating a supply shortage. On the daily timeframe, the BTC trend is trading with support from the rising channel pattern. Given the past trend pattern, we should expect a recovery from this level. The next resistance for BTC is expected at $48,600 and immediate support is expected at $37,600,” the WazirX trading desk said.
Ether has also suffered losses in the past 24 hours. Ethereum price went below $2,900 today and stood at $2,844.18, down 3.55 percent at the time of writing this article.
“Ethereum marginally corrected against Bitcoin over the past week as the BTC Dominance index continued to push upward. Meanwhile, the RSI for ETH-BTC has fallen below 50 for the first time in more than a month, but has remained in a strong zone. The daily trend for ETH against BTC has formed a megaphone pattern. The next resistance is expected at 0.078 and the next support is expected at 0.0653. We could see Ethereum and other Altcoins slide in the coming days, if Bitcoin continues to dominate,” added the WazirX trading desk.
Meanwhile, a report from data analytics firm Chainalysis shows that crypto investors around the world made a total of $162.7 billion in profits in 2021, a 400 percent increase from 2020.
It is a great encouragement to the crypto community around the world to see that crypto investors have made nice profits by putting their trust in crypto assets. The increase in profits from $32.5 billion in 2020 to $162.7 billion in 2021 is testament to the fact that during the second phase of the pandemic, investors chose the crypto market over the traditional one to beat inflation and create wealth in times of crisis.
Here are the top 10 cryptocurrencies and their prices on April 22, 2022 (data from coinmarketcap.com)
Bitcoin $38,961.56 or 1.87 percent loss in the last 24 hours
Ethereum $2,844.18 or 3.55 percent loss in the last 24 hours
Tether $1.00 or 0.00 percent loss in the last 24 hours
BNB $391.17 or 3.30 percent loss in the last 24 hours
USD coin $0.9996 or 0.10 percent loss in the last 24 hours
XRP $0.679 or 4.42 percent loss in the last 24 hours
Solana $97.75 or 3.57 percent loss in the last 24 hours
Terra $90.23 or 1.53 percent loss in the last 24 hours
Cardano $0.8706 or 2.85 percent loss in the last 24 hours
Avalanche $69.99 or 4.11 percent loss in the last 24 hours
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