Bitcoin below $20,000, dogecoin, Shiba Inu, other crypto prices today also dip; Uniswap gains

In cryptocurrencies, Bitcoin price today fell back below $20,000 after enjoying its strongest run in more than three months last week. The world’s largest and most popular cryptocurrency was trading at $19,479, down more than 2%. Bitcoin has been hovering around $19,000 to $21,000 over the past four weeks, less than a third of its $69,000 peak in 2021. 

The global cryptocurrency market cap today was below the $1 trillion mark, as it was down more than 2% in the last 24 hours to $905 billion, as per CoinGecko.

“The Euro fell to its lowest level against the U.S dollar yesterday in the past twenty years, and the dollar strength seemed to be impacting the prices in the crypto market. If buyers can hold BTC at the current level, we might see it returning above the US$20,000 level. While on the other hand, Ethereum broke the US$1,100 level, which means bears are more potent than bulls. If this trend continues, we might see ETH falling to the US$1000 level soon,” said Edul Patel, CEO and co-founder of Mudrex.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, plunged more than 3% to $1,054. Meanwhile, dogecoin price today was trading nearly 3% lower at $0.06 whereas Shiba Inu fell over 3% to $0.000010.

Other crypto prices’ today performance also declined as XRP, Solana, BNB, Litecoin, Stellar, Chainlink, Tron, Apecoin, Avalanche, Polkadot, Polygon prices were trading with cuts over the last 24 hours whereas Uniswap, Tether gained.

The crypto industry has been rocked by troubled lenders, collapsed currencies, and an end to the easy money policies of the pandemic that fueled a speculative frenzy in financial markets. Some $2 trillion has vanished from the market value of cryptocurrencies since late last year, according to data compiled by CoinGecko.

Two contrasting groups are both HODLers – investors in bitcoin as a long-term proposition who refuse to sell their holdings – and they are determined to drive back the bears, despite their portfolios being deep in the red. Investors that hold less than 1 bitcoin, are collectively adding to their balance at a rate of 60,460 bitcoin per month, the most aggressive rate in history, according to an analysis by data firm Glassnode.

(With inputs from agencies)

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