Top cryptocurrencies, Bitcoin Updates September 13; The price of bitcoin continued to rise as the mood on the world’s markets improved, traders awaited US inflation statistics, and observers kept an eye on a significant Ethereum blockchain upgrade. The largest and most well-known cryptocurrency in the world was trading 1 percent or more higher at USD 22,198. Despite falling more than 1 percent in the previous day to USD 1.1 trillion, the total value of all cryptocurrencies was above the USD 1 trillion threshold today, according to CoinGecko.
“With rising buying power over the last few days, Bitcoin has been displaying some modest signals of confidence. Following a period of consolidation, BTC is now trading above the USD 22,000 mark as the relief rally keeps going. The next immediate hurdle for BTC might be at USD 24,000 if it is able to maintain above the current level. Ethereum, in contrast to BTC, declined as uncertainty grew prior to the Merge. ETH may return to the USD 1,700 level if it can maintain above the USD 1,689 level today. However, if it does not, one can anticipate the testing of a crucial support level at USD 1,650 “said Edul Patel, co-founder and CEO of Mudrex.
The second-largest cryptocurrency, Ether, which is connected to the Ethereum network, dropped roughly 1 percent to USD 1,705. With regard to its consensus protocol, Ethereum is switching to proof-of-stake.
Shiba Inu’s price today dropped slightly to USD 0.000013, while Dogecoin was trading slightly higher at USD 0.06. The performance of other cryptocurrencies today was varied, with Solana, Polygon, and Avalanche prices rising and XRP, Uniswap, Binance USD, Polkadot, Tether, Litecoin, Chainlink, Apecoin, Cardano, Stellar, and other values falling during the past 24 hours.
It is anticipated that the headline price pressures will be reduced in the US inflation data due on Tuesday. However, a higher-than-expected print might solidify expectations for constrictive monetary policies, which are hated by the values of cryptocurrencies.
Because of the uncertainty about how far central banks would raise interest rates in the face of a weakening global economy, Bitcoin has been trapped in the trading area with the narrowest spread. The Terra/Luna ecosystem’s meltdown and the collapse of the hedge fund Three Arrows Capital have both dampened sentiment, and many crypto companies have gone out of business or are battling to stay afloat.