Cryptocurrency market rises, Bitcoin price today trading above $38,000

The cryptocurrency market has risen today after witnessing a drop on Monday. Bitcoin price today surged by over 4% to $38,615. Bitcoin is the largest cryptocurrency by market value. WazirX, which claims to be India's fastest growing cryptocurrency exchange with over 400,000 users, has shared that Bitcoin trading volumes are picking up considerably in the buying momentum over the last 24 hours.

"On the daily timeframe, the BTC trend continues to traverse within the descending channel pattern.” He said that BTC continues to remain in the oversold zone, while the RSI has almost doubled over the last ten days to edge closer to 40. A key support is expected at the $30,140 level," Live Mint quoted Siddharth Menon, COO of WazirX as saying.

Bitcoin price has declined more than 16% since the start of this year.

Meanwhile, other cryptocurrencies like Ether, the coin linked to ethereum blockchain, Dogecoin, Shiba Inu, XRP, Stellar, Avalanche, Cardano, Solana, Polygon, Terra, Uniswap etc have also witnessed a hike. Ether, the second largest cryptocurrency, is trading over 10% to $2,758, as per CoinDesk. Similarly, Binance Coin gained 4% to $384 while Dogecoin price jumped over by 4% to $0.14 and Shiba Inu was trading more than 6% higher at $0.000022.

The XRP, Stellar, Avalanche, Cardano, Solana, Polygon, Terra, Uniswap are also performing well with gains in the range of 4-19% over the last 24 hours. Menon said that Ethereum continued to trade strongly above $2,600. he adeed, “The hourly chart has given a breakout from the triangle pattern. The next resistance for ETH is expected around the $3,300 level.” The demand for the Ethereum network has surged tremendously over the last 6 months with the hasrate reaching a new high amidst DeFi and NFT space gaining popularity.

Meanwhile, the global crypto market cap dropped about 3 per cent to $1.67 trillion on Monday whereas, the total crypto market volume tanked more than 4 per cent to $56.22 billion.