Crypto Price Today: Bitcoin holds $ 20,000; Solana, Avalanche and Polygon lost up to 11%

New Delhi: After a strong recovery in recent sessions, major crypto tokens plummeted on Wednesday. Bitcoin barely held the $ 20,000 mark, while Merge-linked Ethereum outperformed its largest peer.

The red-hot inflation numbers in the US have scared traders around the world. Markets are expecting another round of aggressive rate hikes from the US Fed to tame rising prices.

Major crypto tokens traded in large denominations as Solana plunged 11%, followed by Avalanche which fell more than 9%. Polygon and Bitcoin fell 8% each. XRP and Ethereum lost 6% each.

The global cryptocurrency market cap has dropped dramatically to $ 997.97 billion, down as much as 6% in the past 24 hours. However, the total trading volume increased by more than 12% to close to $ 101.37 billion.


What is cooking in India
5ire, the fifth generation blockchain network, recently acquired a stake in Network Capital (NC) and appointed Utkarsh Amitabh as Chief Marketing Officer. NC will now be renamed as “NC powered by 5ire”.

NEAR Foundation, the Swiss non-profit organization that oversees the governance and development of the NEAR protocol, has announced the launch of a regional hub in India dedicated to the development and innovation of blockchain talent.

The hub marks NEAR’s strong commitment to investing in India, which is home to the most talented Web3 developers and creators, but is also one of the largest startup and entrepreneur communities in the world.

Expert take
The start of the week was quite bearish as around 80% of the coins and tokens ended up in the red zone, said Sathvik Vishwanath, co-founder and CEO of Unocoin.

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Volatility was observed with the LUNC coin, which lost about a quarter of its price on Monday, he added. “Major currencies such as bitcoin and ethereum were also traded in large denominations. All eyes are on Ethereum to see its price action before and after the merger.”

Global updates

According to Bloomberg, Twitter shareholders voted in favor of Elon Musk’s $ 44 billion takeover bid for the social networking giant. Shareholder approval was required to complete the transaction.

California Governor Gavin Newsom will sign a recently passed bill that would require digital asset exchanges and other cryptocurrency companies to obtain a license to operate in the state.

Technical view of the BuyUcoin cryptocurrency exchange

ATOM is gaining momentum. Cosmos (ATOM) plays a crucial role in allowing various chains to communicate with each other, and its native token has been on investor radar for some time. The series of updates announced by the cosmos makes it a profitable bet for short- and medium-term investors.

Cosmos is emerging as a promising platform for the proof of stake model, and the rise of ATOM speaks volumes about how investors have appreciated a more energy efficient crypto ecosystem.

It is slightly difficult to distinguish whether the current ATOM rally is independent or coupled with the overall surge in the cryptocurrency market led by heavyweights like Bitcoin and Ether.

(The views and recommendations provided in this section are owned by analysts and do not represent those of ETMarkets.com. Consult your financial adviser before taking any position in the asset (s) mentioned.)

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