Cryptocurrency prices today: Bitcoin still trades below $24,000, Ether falls and Dogecoin up over 1%

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By Asmita Pant  Aug 05, 2022, 01:01 PM IST (Published)

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Bitcoin, was trading flat at $23,088.8. Bitcoin’s market capitalisation was at $440.7 billion, while the trade volume was at $25.3 billion in the past 24 hours.

Cryptocurrencies traded mixed trend on Friday amid positive trends in global markets a day after the global crypto market capitalisation rose to $1.08 trillion.

The world’s most popular and largest cryptocurrency, Bitcoin, was trading flat at $23,088.8. Bitcoin’s market capitalisation was at $440.7 billion, while the trade volume was at $25.3 billion in the past 24 hours.

A WazirX analyst said, “On the daily time-frame, the BTC trend continues to move within a descending channel pattern. In the recent weeks, the BTC price has been on an uptrend making higher lows. The next key resistance level for BTC is expected at $32,300 and the next support is expected at $19,000.”

Second-largest virtual currency, Ether, was 0.3 percent down at $1,651.4 with a market capitalisation of $202.4 billion. The trade volume of Ethereum was $16.2 billion in the last 24 hours.

The analyst said, “The daily chart for ETH-BTC had broken out of the triangle pattern over a week back and continues to re-test the upper trendline. There has not been a definite upward momentum after the pattern breakout. The next key support for ETH-BTC is expected at 0.049 and next resistance is expected at 0.078.”

Edul Patel, CEO and co-founder of Mudrex, said “We may see BTC regain its $23,000 level soon. On the other hand, Ethereum currently trades between $1,600 and $1,700. If ETH can breaks the past $1,745 mark and remain there, the next revisiting level would be $2,000.”

Meme crypto Dogecoin was 1.2 percent up with a trading volume of $262.5 million in 24 hours. Shiba Inu was trading 0.8 percent higher at $0.000012 while Solana was 0.9 percent up at $39.9 billion.

Indian headline indices opened in green on Friday.