Cryptocurrency Today: Bitcoin And Ether Gain Slightly

The global cryptocurrency market bounced back on Thursday after days of bloodbath. Ahead of the Ethereum Merge launch, most crypto coins rebounded as traders remained hopeful of the event. 

Ethereum

Ethereum itself zoomed nearly 7% over the past 24 hours, giving a much-needed boost to the crypto market. The global cryptocurrency market on the day was standing at  $974.04 billion, a 3.72%  increase over the past day.

“The crypto market responded sharply as the Federal reserve hinted toward a third rate hike of 75 basis points. This is part of its continued efforts to tackle inflation. The Federal reserve Vice chairwoman also expressed her concerns on crypto regulation. She was quite particular about stablecoins as they have the potential to impact the mainstream financial system significantly. The overall crypto market cap surged 4%. This puts it  just below the $1 trillion mark,” said Tarusha Mitta, co-founder of UniFarm.

How The Largest Cryptocurrency Fared

Bitcoin price today looks quite promising. The largest cryptocurrency in the world currently trades above the $19,000 level. Bitcoin currently trades 3% higher at $19,213. 

Meanwhile, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, surged 8% to $1,625. Ethereum is transitioning to proof-of-stake for its consensus protocol. The latest upgrade to the Ethereum network, known as Bellatrix, was activated on September 6, 2022. 

The next step after Bellarix will be the Paris upgrade, which boots off the miners to finalize the Merge. That upgrade is set to happen next week.

“Most cryptocurrencies regained their lost ground back on late Wednesday. Bitcoin is up by nearly 3% in the past 24 hours after falling to $18,558, the weakest since July 13th. If BTC can try and hold above the current level today, we might see it regain its resistance level at $19,400 back soon. The second largest cryptocurrency, Ethereum is outperforming BTC and has successfully broken its initial resistance level at $1,537. Furthermore it is seeing towards the $1,650 level as excitement for the Merge gains momentum. Let’s wait and see how things turn out ahead of the Merge,” said Edul Patel, CEO and Co-founder of Mudrex, a global crypto investment platform.

Other Cryptocurrency Prices Today

Meanwhile, dogecoin price today was trading over 5% higher at $0.06 whereas Shiba Inu fell gained nearly 4% to $0.000012.

Other crypto prices’ today performance also improved as Chainlink, Apecoin, XRP, Uniswap, Binance USD, Polkadot, Tether, Litecoin, Avalance, Solana, Cardano, Stellar, Tron, Polygon prices were trading with cuts over the last 24 hours.

Bitcoin has traded largely in the same direction as other risk assets like the Nasdaq 100. As the Fed boosts interest rates, inflation has proven to be quite stubborn. Meltdowns like those of the Terra/Luna ecosystem and crypto bank Celsius have depressed sentiment as well. Furthermore, numerous crypto firms have declared bankruptcy or are struggling to survive.

The exact prices of the top 6 cryptocurrencies in the world are as follows;

Bitcoin $19,221.97 or 2.72 per cent gain in the last 24 hours

Ethereum $1,616.49 or 6.72 per cent gain in the last 24 hours

Tether $1.00 or 0.01 per cent gain in the last 24 hours

USD Coin $1.00 or 0.01 per cent loss in the last 24 hours

BNB $277.39 or 4.82 per cent gain in the last 24 hours

Binance USD $1.00 or 0.03 per cent loss in the last 24 hours