The cryptocurrency market shed its gains on Thursday to trade lower following rate hike signals by the Fed at its next meeting. The central bank would steadily remove support for the economy in order to fight high inflation. Barring the US dollar-pegged stable coins, all other major digital tokens were trading lower during the trade on Thursday. The world’s biggest and best-known cryptocurrency was trading 4.59 per cent lower at $35,919.99 on Thursday morning, according to CoinmarketCap.com.
Meanwhile, the global cryptocurrency market capitalisation today was down 4% to $1.71 trillion, as per CoinGecko, dragged by the continuous fall in crypto prices.
“The daily timeframe continues to traverse within the descending channel pattern. The next support for Bitcoin is expected at the $30,140 level. With the factors surrounding the 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 ethereum blockchain and the second-largest cryptocurrency, also plunged more than 3.86% at $2,478.70, as per CoinmarketCap.com. Binance Coin was also down over 5% at $364.
“ The daily trend pattern for Ethereum continues to trade within the ascending channel pattern. The trend is trading close to the support levels and a break down from this pattern could see Ethereum further weaken against Bitcoin. Immediate support is expected at 0.0658,” Menon added.
Dogecoin price rose also declined over 5% to $0.14 whereas Shiba Inu crashed over 5% to $0.000020. Other cryptos such as XRP, Terra, Stellar, Avalanche, Cardano, Solana, Polygon were also trading with major cuts over the last 24 hours.
Indian cryptocurrency exchanges have recorded higher trading volumes in the past few days owing to extreme volatility in the market.
Many traders and investors liquidated some of the riskier tokens, rebalanced their portfolios by moving to stable coins and also indulged in opportunistic buying to average down their portfolios.
In other news, the Solana blockchain could become the ‘Visa of the digital asset ecosystem’ as it focuses on scalability, low transaction fees and ease of use, Bank of America told clients in a research note after hosting Solana Foundation member Lily Liu.
Here are the top 10 cryptocurrencies and their prices on 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