Cryptocurrency prices today gain. Bitcoin above $42,000; ether, dogecoin, Shiba Inu up over 3%

Cryptocurrency prices today gained with Bitcoin trading above the $42,000 level after hovering below the mark in the past few sessions. The world’s most popular and largest cryptocurrency by market value rose around 1% at $42,614. Bitcoin price is down nearly 8% since the start of the new year. Meanwhile, the global crypto market capitalization surged over 2% to $2.12 trillion, as per CoinGecko.

“Bitcoin prices surged to $43,000 levels in the last few hours. On the hourly time frame, BTC can be seen breaking out of the triangle pattern. However, Bitcoin and other Altcoins could remain bearish if the macro-economic situation remains the same. The next support for Bitcoin is at the $40,000 mark. Meanwhile, Iran may soon allow payments in crypto for International trades,” said Siddharth Menon, COO of WazirX.

Ether, the coin linked to ethereum blockchain and the second largest cryptocurrency, leaped over 3% at $3,228, as per CoinDesk. On the other hand, Dogecoin prices were trading more than 5% higher at $0.13 whereas Shiba Inu was up nearly 6% to $0.000028. Meanwhile, Binance Coin gained over 6% at $459.

The performance of other digital tokens also improved with cryptos like Solana, Cardano, XRP, Litecoin, Polkadot, Polygon, Stellar, Uniswap trading with gains over the last 24 hours.

“Polygon(MATIC) pipped Chainlink(LINK) to become the most popular token to be traded among the top 1000 Ethereum whales. Infact, most of the large Investors bought into MATIC during the recent dip. The 4-hourly chart indicates a breakout from the descending channel pattern, soon after the Zero-knowledge scaling tech Plonky went live on Polygon,” Menon added.

Cryptocurrency investment products and funds had net outflows in first week of 2022, totaling a record $207 million, a report from digital asset manager CoinShares showed. The sector has experienced four consecutive weeks of outflows since mid-December, reaching a total of $465 million, or 0.8% of total assets under management.

(With inputs from agencies)

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