Bitcoin, Ether Bulls Retain Key Resistance Levels as Terra Leads Altcoin Charge

All the top digital tokens were in the green, with Terra rallying 10 percent followed by an 8 percent rise for Avalanche.

By Shomik Sen Bhattacharjee | Updated: 23 February 2022 11:55 IST

Bitcoin, Ether Bulls Retain Key Resistance Levels as Terra Leads Altcoin Charge

Photo Credit: Unsplash/ Kanchanara

Bitcoin bulls have ensured that they hold on to the $38,000 mark despite macro-economic pressures

Highlights

Bitcoin's price has dipped by more than 14 percent in the past week
Terra and Avalanche led the altcoin surge
Memecoins Dogecoin, Shiba Inu both went up in value

Although the situation with the Russia-Ukraine crisis hasn't necessarily improved over the past couple of days, the wider crypto market has managed to mark a turnaround with both Bitcoin and Ether on the up in the past 24 hours. The world's most valuable cryptocurrency has had a dismal past 7 days of trade, losing more than 14 percent in value, but Tuesday saw Bitcoin mark a 3.24 percent rise in value over the past 24 hours. Bitcoin's value currently stands at $40,341 (roughly Rs. 30 lakh) on Indian exchange CoinSwitch Kuber.

Meanwhile, on global exchanges, the price of the most popular cryptocurrency stood at $38,002 (roughly Rs. 29 lakh) up by 3.45 percent over the past 24 hours — a key feat for BTC bulls as analysts are of the opinion that the $38,000 (roughly Rs. 29 lakh) mark is a significant support and resistance zone. As per CoinGecko data, Bitcoin's strong movement through the first couple of weeks of February has momentum as the crypto asset has dipped by 14.6 percent in value over the past week alone.

Ether, the second-largest cryptocurrency by market capitalisation, has seen a considerable dip over the past week too, but the last 24 hours has seen the crypto asset rise in value. At the time of publishing, Ether was valued at $2,808 (roughly Rs. 2 lakh) on CoinSwitch Kuber while its value on global exchanges saw the crypto hover above the $2,600 (roughly Rs. 2 lakh) mark at $2,636 (roughly Rs. 2 lakh). The coin went up by 3.76 percent over the past 24 hours. Compared to the price of Ether a week ago, CoinGecko data reveals that the cryptocurrency's value has dipped by 16.5 percent.

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Gadgets 360's cryptocurrency price tracker reveals that all the top digital tokens were in the green as the global crypto market cap jumped about 3 percent in the last 24 hours. While Avalanche and Terra lead the green surge Polygon, Polkadot, Cardano, and Solana all followed suit.

Meme coins Shiba Inu and Dogecoin — the two most sought after meme coins — have gone up in value in the past 24 hours. Dogecoin is currently valued at $0.14 (roughly Rs. 10) after rising by 4.58 percent over the last 24 hours, while, Shiba Inu is valued at $0.000026 (roughly Rs. 0.002), up by 5 percent over the past 24 hours.

While the crypto market shows signs of resilience, Kevin O'Leary, a Canadian multi-millionaire investor, is now comparing holding Bitcoin to owning shares of software majors. O'Leary in a recent Twitter post said that holding BTC assets is similar to holding shares of companies like Microsoft and Yahoo. Between 2019 and 2021, the 67-year-old ‘Shark Tank' investor has turned from an avid opposer of Bitcoin to one of its major promotors. As per his predictions, Bitcoin values will touch $300,000 (roughly Rs. 2.25 crore) once the market attains more operational clarity.

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Gunnercooke, a UK-based law firm, has officially enabled payments for its services in crypto assets such as Bitcoin and Ether. Founded in 2010, the London-headquartered firm claims to have over 300 lawyers as part of its team. By integrating crypto payments with its working, Gunnercooke is now among a small bunch of firms that provide the option of crypto payments and most of them are in the US.

In an official statement, the law firm claimed to have become the first in the UK to accept fees in Bitcoin and Ether, among other crypto assets.

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Cryptocurrency Prices across Indian exchanges

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