Crypto Price Today Live: Avalanche, Polygon gain; Solana & Dogecoin drop up to 3%

Synopsis

The series of such testnet upgrades will lead to a successful final merge which is expected to drive the price momentum for Ethererum. As we approach the merge deadline, Ethereum is expected to create a new support level at the $2000 mark and will lead the overall growth of the crypto market.

New Delhi: Crypto market was trading in the red during early hours on Wednesday as traders nervously awaited cues from the US Fed Chairman Jerome Powell regarding the rate hike path.

Barring Avalanche and Polkadot, which posted mild gains, all other top crypto tokens were trading lower on Wednesday. Solana dropped 3 per cent, whereas Dogecoin and Polygon shed 2 per cent each.

The global cryptocurrency market cap was trading marginally lower at $1.02 trillion mark, dropping less than a per cent in the last 24 hours. However, the total trading volume also remained stable, close to $70.56 billion.

What’s cooking in India
RBI Governor Shaktikanta Das has lashed out at crypto assets once again. In an interview with ET Now, Das reiterated his concerns over the crypto assets.

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View Details »The RBI chief said, “Cryptos may lead to dollarization of the developing countries like India as the prices of crypto tokens are mostly denominated in dollars.”

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Tech view from BuyUcoin cryptocurrency exchange
Ethereum gains as testnet upgrade begins. The Ethereum merger which is expected to happen next month is turning out to be the most awaited event of the crypto industry in recent times.

Chart-Ether (3)

The technical success of the testnet merge and upgrade will create a positive sentiment around the final merge from proof of work to proof of stake protocol.

The series of such testnet upgrades will lead to a successful final merge which is expected to drive the price momentum for Ethererum. As we approach the merge deadline, Ethereum is expected to create a new support level at the $2000 mark and will lead the overall growth of the crypto market.

(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)
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    Updated: 08/24/2022 — 19:00