Cryptocurrency Price Today: Bitcoin turned around on Thursday, April 14, to go beyond the $41,000 mark after the price of the world’s largest cryptocurrency by market value dropped below the $40,000 levels owing to market volatility and the risky nature of digital coins at the moment. Most of the major cryptocurrencies, barring Tether and USD Coin recorded a jump in their prices on the day as the markets stabilised. This resulted in the global cryptocurrency market trading in green for the second day in a row, while trading volumes saw a sharp dip.
Bitcoin price today at the time of writing this article stood at $41,304.60, according to data from global cryptocurrency tracking website CoinMarketCap. This was up by as much as 2.82 per cent in the last 24 hours, but down by 4.87 per cent over the last seven days.
“Bitcoin edged over the $41,000 level with the U.S. inflation rate climbing to 8.5 per cent, the highest in 40 years. Bitcoin and other cryptos may be considered as a hedge against the rising inflation, by long term investors considering the deflationary nature of the crypto tokens. The hourly trend for BTC has broken out from the descending channel pattern. The next resistance is expected at $48,600 and an immediate support for BTC is expected at $37,600,” said the WazirX trade desk in a note to news18.com.
“The Luna Guard foundation added another 2508 bitcoins to its kitty yesterday, now its total Bitcoin holding stands at 42,410 BTC. Sellers have supplied most of the large orders from the group, bitcoin bounced back above the $40,000 level. The positive news from investment firm BlackRock around its strategy to study digital assets may have created positive sentiments in the minds of crypto enthusiasts. The recent developments may push the market higher and we can expect larger trading volumes in the coming weeks,” said Shivam Thakral, CEO of BuyUcoin.
Ethereum on Thursday was standing at $3,111.70, a jump of 1.52 per cent over the last 24 hours. “We could see Ethereum continue to outperform BTC for a few weeks in succession. The 12-hourly trend for ETH-BTC continues to move along an ascending channel pattern. The next resistance is expected at 0.078,” said the WazirX trade desk.
Here are the top 10 cryptocurrencies and their prices on April 14, 2022 (data from coinmarketcap.com)
Bitcoin $41,304.60 or 2.82 per cent gain in the last 24 hours
Ethereum $3,111.70 or 1.52 per cent gain in the last 24 hours
Tether $1.00 or 0.01 per cent loss in the last 24 hours
BNB $421.74 or 0.42 per cent gain in the last 24 hours
USD Coin 0.9998 or 0.03 per cent loss in the last 24 hours
XRP $0.7363 or 2.30 per cent gain in the last 24 hours
Solana $106.57 or 2.13 per cent gain in the last 24 hours
Cardano $0.9705 or 1.13 per cent gain in the last 24 hours
Terra $88.26 or 3.21 per cent gain in the last 24 hours
Avalanche $81.51 or 5.21 per cent gain in the last 24 hours