Crypto Price Today: Bitcoin below $22,800; crypto market cap crosses $1 trillion

The cryptocurrency market was trading mixed on Monday as Dogecoin, Ethereum and Cardano were trading with gains, while Bitcoin, Solana and Litecoin were trading with cuts.

Bitcoin fell 0.61% and held below the $22,800 mark, whereas Ethereum was comfortable above $1,600 levels. BTC volume in the last 24 hours stood at approximately $23.78 billion, falling 27.58% in the last 24 hours.

“The crypto market had an exciting weekend with BTC crossing the $23,000 mark for the first time in 5 months. The demand for BTC is mainly driven by institutional investors who are increasing their holdings in anticipation of the next bull run. Bitcoin has rallied by over 36% this month creating an extremely bullish sentiment around the world’s largest digital asset. The upcoming Fed meeting next month could be the next turning point in the crypto market,” Shivam Thakral, CEO of BuyUcoin said.

The global cryptocurrency market cap was trading higher around $1.04 trillion, rising 0.32% in the last 24 hours.

The total volume in DeFi is currently $5.14 billion, 9.88% of the total crypto market 24-hour volume. The volume of all stablecoins is now $45.82 billion, which is 88.06% of the total crypto market 24-hour volume.

The market cap of Bitcoin, the world’s largest cryptocurrency, hovered around $438 billion, with a dominance of about 41.96%, a decrease of 0.37% over the day, according to CoinMarketCap.

“BTC rose above $22,900, recovering from a recent drop toward $20,000. However, BTC is currently trading at $22,722 with a slight decline. Support is now at $22,700, and resistance is at $22,900. If BTC can maintain its momentum, it may reach $23,000. The increase in prices suggests that bulls are actively trying to drive a bullish trend in the market,” Edul Patel, CEO and Co-Founder of Mudrex said.Crypto Cart: Quick (Source: coinmarketcap.com, data as of 11.12 hours, IST on January 23, 2023)

Bitcoin $22,740 -0.57%
Ethereum $1,633 0.36%
Tether $1 -0.01%
USD Coin $0.999 -0.01%
BNB $305.25 1.09%
XRP $0.4069 0.12%
Dogecoin $0.08994 5.2%
Cardano $0.3719 1.06%
Polygon $1 1.19%
Polkadot $6.30 0.66%
Tron $0.06183 0.69%
Litecoin $88.16 0.76%
Shiba Inu $0.00001209 0.18%
Solana $24.57 -2.46%

(Note: Price change in last 24 hours)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)