ISLAMABAD
The cryptocurrency market traded sideways on Thursday, with the market capitalization losing 0.5 percent to reach $1.49 trillion.
As of 1225 hours GMT, the price of Bitcoin, the world’s oldest and most valued cryptocurrency, shed 0.5 percent in the last 24 hours to reach $37,867. The market capitalization of the biggest crypto has reached $740.5 billion with this decrease. Bitcoin has been 1.5 percent up in the past seven days.
Bitcoin’s trading activity has centred around the $37,800 level in the last 24 hours, aligning with Swiss asset manager Pando Asset’s application to enter the Bitcoin Spot ETF competition in the US as the 13th participant. The addition of another established global player enhances the prospects of a favourable decision on the spot ETF. To maintain its positive momentum, Bitcoin will need to breach the resistance at the $38,100 level or risk finding support around the $37,700 level. Meanwhile, Ethereum remains above the $2,000 level.
While BTC reached another 19-month high, it has mostly been trading flat for the past few days, trying to breach the $38,000 mark and sustain its price above that. From a technical analysis lens, BTC is showcasing a bearish divergence in RSI, a big move to either side is getting more and more likely as we approach the last month of the year.
Similarly, Ether (ETH), the world’s second-largest cryptocurrency by market capitalization, inched down by 0.1 percent to reach $2,049. With this decrease in price, the market capitalization of ETH has reached $246.2 billion. ETH has shed 0.4 percent of its value during the last seven days.
On the other hand, Binance Coin (BNB) price inched down by 0.2 percent to reach $228. The market capitalization of BNB has reached $35.2 billion with this decrease. BNB has shed 1.8 percent of its value during the last seven days.
Following suit, the price of Ripple (XRP) decreased by 1 percent to reach $0.604. The market capitalization of XRP stands at $32.6 billion with this decrease. XRP has shed 1.3 percent of its value during the last seven days.
However, Solana (SOL) price inched up by 0.4 percent to reach $60.77. With this increase in price, its market capitalization has reached $25.71 billion. SOL has gained 5.3 percent of its value during the last seven days.
Other popular altcoins including the Dogecoin, Cardano and Litecoin landed in the red across the board. The SEI token, which was the biggest gainer on Wednesday, turned out to be the biggest loser on Thursday, with a 24-hour dip of over 12 percent. IOTA, on the other hand, became the biggest gainer, with a 24-hour jump of nearly 43 percent. TLTP
