Cryptocurrency prices today were mixed with Bitcoin trading above the $55,000 mark. The most popular and world’s largest cryptocurrency by market capitalization surged more than 1% to $55,584. Bitcoin has advanced 15% in the past seven days.
Other cryptocurrencies were performing mixed over the last 24 hours. Ether, the coin linked to ethereum blockchain and the second largest crypto, slipped 1% to $3,462. Cardano declined marginally to $2.22 whereas dogecoin prices tumbled 4% to $0.23. XRP, Shiba Inu gained while Litecoin, Uniswap plunged in the last 24 hours.
“Bitcoin is easily the best performing asset of the top tokens over the past week, gaining almost 30%. With BTC crossing $55K, we could see the immediate support level at $53K and the next support level at $40K. Recently, JP Morgan said that institutional investors view Bitcoin as a better hedge against inflation than gold, suggesting that Bitcoin will hold or continue to increase in value in the future,” said Siddharth Menon, COO of WazirX.
Menon added Altcoins have remained bullish over the past week. Stacks (STX), a project that brings Smart Contracts to Bitcoin, is in high demand these days. “STX is up nearly 60% in one day after Bitcoin NFT took off. STX is expected to cross ATH soon before. Meanwhile, Ethereum has yet to experience a bullish rally as strong as BTC.”
Meanwhile, China has added cryptocurrency mining to a draft list of industries in which investment is restricted or prohibited, although it reduced the number of sectors on the list overall, a document released by the state planner showed on Friday, as reported by Reuters. The “negative list” details sectors and industries that are off-limits to both Chinese and foreign investors.
Regulators in China banned cryptocurrency trading and mining this year, with the country’s central bank vowing to purge ‘illegal’ cryptocurrency activities last month.
(With inputs from agencies)
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