The cryptocurrency market lost its gains on Thursday to trade lower after signals of rate hikes by the Fed at its next meeting. The central bank would steadily remove support for the economy to combat high inflation. Aside from the stable coins pegged to the US dollar, all other major digital tokens traded lower during trading on Thursday. The world’s largest and best-known cryptocurrency traded 4.59 percent lower at $35,919.99 Thursday morning, according to CoinmarketCap.com.
Meanwhile, the global cryptocurrency market cap was down 4% today to $1.71 trillion, according to CoinmarketCap.com, swept up by the ongoing decline in crypto prices.
“The daily time frame continues to run within the descending channel pattern. The next support for Bitcoin is expected at the USD 30,140 level. With the factors surrounding BTC’s current position, we could see a trend reversal from this level,” said Siddharth Menon, COO of WazirX.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also collapsed more than 3.86% at $2,478.70, according to CoinmarketCap.com. Binance Coin also fell more than 5% at $364.
“The daily trend pattern for Ethereum continues to trade within the rising channel pattern. The trend is trading close to support levels and a breach of this pattern could weaken Ethereum further against Bitcoin. Immediate support is expected at 0.0658,” Menon added.
Dogecoin’s price surge also fell more than 5% to $0.14, while Shiba Inu crashed more than 5% to $0.000020. Other cryptos such as XRP, Terra, Stellar, Avalanche, Cardano, Solana, Polygon also traded with major cuts in the past 24 hours.
Indian cryptocurrency exchanges have recorded higher trading volumes in recent days due to extreme market volatility.
Many traders and investors have liquidated some of the riskier tokens, rebalanced their portfolios by switching to stable coins, and also indulged in opportunistic buys to lower their portfolios.
In other news, the Solana blockchain could become the “Visa of the digital asset ecosystem” as it focuses on scalability, low transaction costs and ease of use, Bank of America told customers in a research note after hosting Solana Foundation member Lily Liu.
Here are the top 10 cryptocurrencies and their prices as of January 27, 2022 (data from coinmarketcap.com at the time of publishing this article)
Bitcoin $37,660.04 or 4.34% loss in the last 24 hours
Ethereum $2,478.70 or 3.86% loss in the last 24 hours
Cardano $1.03 or 3.01% loss in the last 24 hours
Tether $1.00 or 0.01% loss in the last 24 hours
Terra $56.73 or 9.96% loss in the last 24 hours
XRP $0.6268 or 5.04% loss in the last 24 hours
Solana $87.77 or 8.75% loss in the last 24 hours
Polkadot $17.51 or 7.53% loss in the last 24 hours
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