Crypto Price Today Live: Bitcoin Has $21,500; Shiba Inu and Dogecoin Rise Up to 4%
Investors continued their vigilance for the US central bank chief’s comments that could hint at the Fed’s next rate hike.
Apart from Solana and Polkadot, major crypto tokens traded higher on Friday. Shiba Inu rose 4 percent, while Cardano, BNB and Dogecoin added one percent each in the early hours.
The global cryptocurrency market capitalization traded marginally higher at $1.04 trillion, rising less than one percent in the past 24 hours. However, total trading volume fell by more than 2 percent near $63.98 billion.
Expert take
Edul Patel, CEO and Co-Founder, Mudrex said that Bitcoin was trading flat as bulls try to enter the market, but on the other hand, selling strength also continues to increase.
“Despite the decline, BTC has been constantly trying to keep its price above the $21,000 support level. If buyers can return to the market and regain momentum, BTC may rise to $22,000. Otherwise, it may fall to the $20,000 level soon,” he added.
Global updates
Ethereum, the network behind the second-largest cryptocurrency by market capitalization (after Bitcoin), will move from a proof-of-work consensus mechanism to a proof-of-stake blockchain next month in a process called “the merge.”
This will make Ethereum at least “99 percent more energy efficient.” The Ethereum Foundation has said that the Merge Blockchain upgrade is scheduled for September 6th and the upgrade will be fully completed between the 10th-20th. September.
Technical view from BuyUcoin cryptocurrency exchange
SHIB increased as Shibarium launch approaches. The popular meme coin rose close to 3 percent as a result of a lack of supply due to the token burn. SHIB is now the 12th largest crypto in the world with a market cap of just over $8 billion.
AgenciesThe excitement surrounding the launch of Shibarium, the layer 2 blockchain of Shiba Inu, which is just weeks away from launch, may have sparked investor interest in the meme coin. The upward trend will depend on how the market reacts to the Fed chief’s comments on monetary policy on Friday.
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial advisor before taking any position in the asset(s) mentioned.)
