Bitcoin and most of the major cryptocurrencies were trading flat after a week of gains. While Bitcoin was hovering over $47,000-mark, the global cryptocurrency market was in the red.
The second largest cryptocurrency by market capitalization, Ethereum, was flat at $3,300-mark. Popular alt coins Dogecoin and Shiba Inu witnessed the biggest declines.
Bitcoin’s price was down by 0.08 per cent at $46,543. The Ethereum price was flat at $3,400.
XRP was down at $0.863, Cardano fell to $1.19, Avalanche was down at $92.67, Polkadot fell to $22.30, Stellar was down at $0.230994.
While dogecoin was down to $0.142, Shiba Inu fell to $0.000027.
“Bitcoin and Ethereum are currently trading flat at US$47,000 and US$3,300 levels. BTC is approaching its resistance zone between US$48,000 to US$50,000, which can reverse the downward trend from the past three months entirely,” Edul Patel, CEO and Co-founder, Mudrex said.
“The growth in the crypto market could be attributed to the progress in cease-fire talks between Russia and Ukraine and increasing interest among institutional investors. While few cryptos have witnessed growth early today, few also fell. Axie Infinity dropped by nearly 6 per cent as the gaming-focused Ronin Network lost over US$625 million in USDC and ETH yesterday,” Patel said.