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Bitcoin slips below $16,000 as cryptocurrencies fall

Bitcoin slips below $16,000 as cryptocurrencies fall

Bitcoin slips below $16,000 as cryptocurrencies fall
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By Asmita Pant  Nov 22, 2022 9:21:50 AM IST (Updated)

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SUMMARY

Most cryptocurrencies fell on Tuesday. The global crypto market cap stood at $786.6 billion, with a volume of nearly $66.7 billion in the past 24 hours.

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Bitcoin | The world's largest and most popular virtual currency, Bitcoin, fell 0.9 percent to $15,871.3. Its market value stood at $303.7 billion. The trade volume was at nearly $36 billion.

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"If the price of BTC closes below the $16,000 level today, we could see a retest of the vital support at $15,588 and then towards $12,200. But, if BTC closes above the $16,229, bulls might push BTC towards the US$17,000 area by the end of this week," said Edul Patel, CEO and Co-Founder of Mudrex.

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Ethereum | The second largest virtual currency, Ethererum or Ether slipped 1.3 percent at $1,107.7 at the last count, with a market capitalisation of $134.7 billion. The trade volume of Ethereum was almost $13.6 billion in the last 24 hours.

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On Ethereum, Patel said, "Ethereum continues to slide toward its support at the $1,000 level. It is a crucial level for bulls to defend, as a break below this could intensify the selling pressure. Until the uncertainty around the market settles down, we may see a sustained recovery in the crypto prices."

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Dogecoin | Meme-based virtual currency, Dogecoin, slumped 6.9 percent to $0.1. Its market value stood at $9.9 billion. The trade volume was at nearly $603 billion.

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Solana | Solana fell 0.4 percent to $11.7 with a market capitalisation of $4.2 billion. The trade volume of Solana was $449.5 billion in the last 24 hours.

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Shiba Inu | Shiba Inu slumped 1.5 percent with a market capitalisation of almost $4.7 billion. The trade volume was almost $187.5 million in the last 24 hours.

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Polygon | Polygon, however, rose 2.7 percent to $0.8 with a market capitalisation of $7 billion. The trade volume was $533.1 million in the last 24 hours.

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