As the market responds to Friday's plunge in prices, bitcoin's price is retracing to $21,000

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As the market responds to Friday's plunge in prices, bitcoin's price is retracing to $21,000

Global crypto market capitalization grew 1.35 percent in the last 24 hours cryptocurrency market took a breather over the weekend following Friday's steep price plunge, as investors digested the latest inflation data and pondered macroeconomic uncertainty. Globally, Bitcoin's value has increased by 1.25 percent in the last 24 hours, while the Indian exchange CoinSwitch Kuber values the cryptocurrency at $21,465 in the past 24 hours.

The price of Bitcoin on global exchanges like CoinMarketCap, Coinbase, and Binance is $21,489 at the moment. The CoinGecko data show that BTC is currently down 11.7 percent from last Monday. Similarly, ether lost value through Friday and Saturday before turning the scales green again.

 At the time of publishing, Ether's value is $1,603 on CoinSwitch Kuber. The crypto's value on global exchanges has increased by 1.56 percent in the last 24 hours and is valued at $1,607 on global exchanges.

The value of Ether has fallen by close to 17 percent compared to last Monday's value, according to CoinGecko.In Gadgets 360's cryptocurrency price tracker, most major altcoins posted positive results through Sunday, including all of the more well-known altcoins. In addition, the global crypto market capitalization rose by 1.35 percent on Sunday and early Monday.

In the last 24 hours, the value of Polygon, Polkadot, Uniswap, Cosmos, Solana, Monero, Cardano, Cosmos, Avalanche, and BNB all increased. The meme coins Shiba Inu and Dogecoin also followed the altcoin mix with dips, although DOGE's gains have since dwindled to turn red. Over the last 24 hours, Dogecoin has lost 0.36 percent of its value, while Shiba Inu has gained 2.76 percent of its value.

"In the past week, the global crypto market experienced a roller coaster ride. Bitcoin, which broke above the $25,000 mark for the first time in two months, failed to hold the gains. As Edul Patel, CEO and co-founder of crypto investment firm Mudrex explains to Gadgets 360, the recent rise could be attributed to the global energy crisis, which pushed prices up in Europe, the US, and other countries, as well as the upcoming Federal Reserve meeting and the upcoming Ethereum merger.

The second largest cryptocurrency, Ethereum, has struggled to hold above US$2,000 for a long time. In the past seven days, BTC and ETH have fallen 13 percent and 18 percent, respectively. It is important to note that despite the decline, both cryptocurrencies stay above their crucial support levels at $20,000 and $1,500.

If bulls can push BTC above its current level today, we could soon see a bounce back to $22,000. The price of ETH is, however, above the $1,600 mark, signaling that buyers aren't willing to give up. The price may correct between $1,650 and 1,700 in the next few days," Patel concluded.

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