The price of bitcoin is falling today as the world's largest and most popular cryptocurrency is trading up more than 2% at $19,061. Today, the global crypto market cap is less than $1 trillion, according to CoinGecko, although it has risen slightly in the past 24 hours to $983 billion.
On the other hand, Ether, a coin linked to the Ethereum blockchain and the second largest cryptocurrency, fell about 3% to $1,280. Meanwhile, the price of Dogecoin today fell more than 5% to $0.05, while the price of the Shiba Inu fell more than 8% to $0.000010.
"Bitcoin (BTC) has fallen 2% in the last 24 hours, indicating that sellers are looking to strengthen their positions by dragging the price below the bullish trendline. If they succeed in taking profits, we could see BTC drop to $18,125 . and then to support level 17. Although, on the other hand, Ethereum also fell by more than 4% and is now at $1200. ETH has fallen by more than 65% this year. If ETH falls below the current level, sales may increase, to support," said Edul Patel, Executive President and Co-Founder of Mudrex, a global cryptocurrency investment platform.
Other cryptocurrencies' price action also declined today as Avalanche, Binance USD, Polkadot, Cardano, Chainlink, Tether, ApeCoin, Solana, Litecoin, XRP, Stellar, Terra, Polygon, Stellar, Tron and Uniswap traded over the past 24 hours. .
Global markets have tumbled in recent months as central banks around the world have raised interest rates to curb rising inflation. Risky assets such as cryptocurrencies have been particularly affected by rising fears of a recession.
The amount of computing power dedicated to bitcoin mining has risen to an all-time high as more and more companies take advantage of the energy and data center space freed up since the Ethereum network upgrade, which could further reduce trading margins and profits. .
Mining difficulty, a measure of the computational power of Bitcoin miners on the blockchain, increased by 13.6% in the two weeks to Monday. It was also the biggest two-week adjustment since last May. This increase is due in part to a decline in Ethereum mining, according to Bloomberg.
(with the participation of the agency)