Cryptocurrency prices Updates, September 12: The price of bitcoin increased to trade above USD 21,000, breaking out of the tightest trading range in about two years, as a decline in the value of the dollar rekindled interest in battered risk assets throughout the world.
The price of the biggest and most widely used cryptocurrency in the world was up more than 1 percent at USD 21,777. Despite falling more than 1 percent in the previous day to USD 1.1 trillion, the total value of all cryptocurrencies was above the USD 1 trillion threshold today, according to CoinGecko.
"Over the weekend, Bitcoin recovered to the USD 21,700 mark after establishing a positive divergence. After the price was rejected from the USD 25,000 region in recent weeks, BTC found it difficult to keep up the positive pace. A more bullish mood may develop if BTC rises over its present price level, and it may soon take the region between USD 24,000 and USD 25,000 as its own.
Ethereum, the second-largest cryptocurrency, too surpassed its resistance at USD 1,778. "There is a possibility that ETH might test the USD 1,819 mark soon if sellers are unable to seize the current level," said Edul Patel, CEO and Co-Founder of Mudrex.
Other cryptocurrency prices today also declined as XRP, Uniswap, Binance USD, Polkadot, Tether, Litecoin, Avalance, Solana, Cardano, Stellar, Tron, Polygon prices were trading with cuts over the last 24 hours whereas Chainlink, Apecoin gained. Dogecoin price today was trading over 2 percent lower at USD 0.06 while Shiba Inu slipped marginally to USD 0.000013.
Because of meltdowns like those of the Terra/Luna ecosystem and hedge fund Three Arrows Capital, numerous crypto firms have either declared bankruptcy or are struggling to survive, and uncertainty about how far central banks will raise interest rates in the face of a slowing global economy, Bitcoin has been stuck in the tightest trading range in almost two years in September.
Weekly Watch on Cryptocurrency, El Salvador’s tryst with Bitcoin
Digital currency as a pilot project to be launched this year: RBI Dy Governor
Binance to cease supporting three of the leading stablecoins
