Thursday was a day of hope for cryptocurrency investors. The prices of major cryptocurrencies such as Bitcoin and Ether saw an increase on Thursday after a continuous decline for the past several days. Bitcoin, the world's largest and most popular cryptocurrency, saw a 1% gain on Thursday. Bitcoin is trading higher at $21,522. The overall market cap of global cryptocurrencies rose by 2 percent to above $1 trillion on Thursday. The overall market price of the cryptocurrency remained almost flat at $1.15 over the past 24 hours.
Increase in the prices of many Cryptocurrency
The price of Ether on the Ethereum blockchain, the world's second most popular digital currency, also saw an increase. Ether is trading at $1,673 with a gain of 3% on Thursday. At the same time, the total market price of Dogecoin is also trading at $ 0.06 with an increase of 1% on Thursday. The prices of many other digital currencies also saw an increase on Thursday. BNB, Chainlink, Epicon, XRP, Unisep, Litecoin, Stellar, Polygon, Solona, Polkadot, and Tether saw an increase in the market price in the last 24 hours.
What do experts say
Mudrex CEO and Co-Founder Idul Patel say that in the last 24 hours bitcoin is trading above its resistance level at $21,500. This modest increase in digital currency brings confidence to cryptocurrency investors. There has been a steady decline in the prices of many digital currencies in the first 6 months of the year. The price of bitcoin has fallen by almost 50% this year. In the year 2022, bitcoin is trading between $19,000 and $25,000. The biggest reason for this decline in cryptocurrency prices is the increase in interest rates by the Federal Reserve and rising inflation.
