Crypto Price Today: Bitcoin hovers above 21,000, Ethereum and other tokens fall – CNBCTV18

Most cryptocurrencies fell on Tuesday. The global crypto market cap stood at $982.1 billion, with a volume of $52.7 billion in the past 24 hours. Easing US inflation and dollar index has led to some premium buying in case of cryptocurrencies. Discussions about crypto adoption in Austria at the Davos also seem to have led to some money coming back into the market.
Bitcoin | The world’s largest and most popular virtual currency, Bitcoin, fell 0.6 percent to $21,084.7. Its market value stood at $404.7 billion. The trade volume was at nearly $26 billion. The token is up by 27 percent in the last one year. It is still 50 percent in the negative side, but for the year 2023 there is buying that has come back.
“Many believe the current momentum is likely to be a bear market rally and not a long-term trend. There have been warnings that Bitcoin could still reach new lows of $12,000, and analysts are closely watching for signs of a downturn. However, so far, this has not occurred. The weekly close is on par with the levels seen before the collapse of the FTX exchange. Bitcoin is trading above $20,000, reaching new local highs of $21,411 overnight,” said Edul Patel, CEO and Co-Founder of Mudrex.
“Volatility remains high, with significant price movements of several hundred dollars frequently occurring on hourly timeframes. Analysts are monitoring key levels to hold in case of a broader retracement. The 21-week moving average shows $18,600 as a potential support level,” Patel added.
Ethereum | The second largest virtual currency, Ethererum or Ether, fell 0.9 percent to $1,559.5 with a market capitalisation of $190.3 billion. The trade volume of Ethereum was $8.4 billion in the last 24 hours. Ether is up 31 percent this year. 
Dogecoin | Meme-based virtual currency, Dogecoin, fell 4.3 percent on Tuesday. Its market value stood at nearly $11 billion. The trade volume was at $505.1 million. Dogecoin is up 19 percent this year. 
Solana | Solana fell 1.5 percent to $23.2 with a market capitalisation of $8.6 billion. The trade volume of Solana was $1.5 billion in the last 24 hours.
Shiba Inu | Shiba Inu fell nearly three percent with a market capitalisation of $5.8 billion. The trade volume was $340.5 million in the last 24 hours. Shiba Inu is up 29 percent this year. 
Polygon | Polygon fell 1.3 percent to $1 with a market capitalisation of $8.8 billion. The trade volume was $640.4 billion in the last 24 hours.
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