Cryptocurrency prices: Bitcoin continues to trade below $20,000; Ether, Dogecoin, Shiba Inu gain

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By Asmita Pant  Sep 05, 2022, 12:24 PM IST (Published)

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Bitcoin — the world’s largest and most popular virtual currency — rose 0.4 percent to $19,884. Its market value stood at $380.7 billion. The trade volume was at $27.15 billion.

Major cryptocurrencies extended gains on Friday while largely negative trends in domestic equities. The global crypto market cap stood at $380.7 billion with a volume of $27.15 billion in the past 24 hours.

Bitcoin — the world’s largest and most popular virtual currency — rose 0.4 percent to $19,884. Its market value stood at $380.7 billion. The trade volume was at $27.15 billion.

“Bitcoin continues to trade below the $20,000 level as sellers have become more active since the past week,” said Edul Patel, CEO and co-founder of Mudrex.

Patel added, “Bulls might attempt to recapture the $20,000 price level if BTC can trade above the overhead resistance level. If BTC keeps facing continued rejections, it might dip to the $18,000 support level.”

Ethererum or Ether — the second largest virtual currency — was 1.35 percent up at $1,577.3 with a market capitalisation of $192.8 billion. The trade volume of Ethereum was $9.7 billion in the last 24 hours.

On Ethereum, Patel said, “Ethereum continued to trade sideways, extending its weekend steadiness into this week. It is likely that Ethereum might rise above the $2,000 level before proceeding to a heavily congested range at $2,500 before the Merge.”

Meme-based virtual currency Dogecoin was 0.5 percent up with a trading volume of $245.97 million. Shiba Inu was trading 0.7 percent higher at $0.000013 while Solana was 2.1 percent up at $32.1 billion.

The Indian equity benchmarks traded slightly higher on Monday amid gains in financial, oil & gas and IT shares tracing mixed cues from global markets. BSE Sensex and NSE Nifty50 started the session flat, before climbing around half a percent in early trade.