(photo credit: pexels/alesia kozik)

Today's cryptocurrency prices increased, with Bitcoin circling around the $20,000 level. The biggest and most well-known cryptocurrency in the world was up more than 4% and trading at $20,290. Since reaching a peak around $69,000 in November, Bitcoin has had trouble.

As the Federal Reserve raises interest rates to fight inflation, risk markets struggle, and the cryptocurrency industry endures high-profile blowups like Terra/Luna and Three Arrows Capital, it is down around 60% year to date. For over a month, the largest token has been rangebound close to $20,000.

"Bitcoin traded somewhat higher on Wednesday, but after the previous sell-off, the token's price was unable to rise above US$20,000. BTC recovered off the local support level at US$18,931 after falling below the US$20,000 mark. If the price is above it, bulls can anticipate further gain. Although it hasn't yet built up enough power, BTC might take some time to make any significant swings, according to Edul Patel, CEO and co-founder of cryptocurrency trading platform Mudrex.

Even though it had increased by more than 3% in the previous day to $939 billion, the market capitalization of all cryptocurrencies today was below the $1 trillion threshold, according to CoinGecko.


(photo credit: pexels/alesia kozik)

The second-largest cryptocurrency, Ether, which is connected to the ethereum blockchain, increased more than 6% to $1,115. Shiba Inu's price increased by more than 4 percent to $0.000010, while Dogecoin's price was trading almost 2 percent higher at $0.06.

As XRP, Solana, BNB, Litecoin, Stellar, Chainlink, Tron, Apecoin, Avalanche, Polkadot, Polygon (up as much as 18 percent), Uniswap, and Tether prices were trading with gains over the last 24 hours, other cryptocurrency prices today also performed well.

A month after freezing customer withdrawals, cryptocurrency lender Celsius Network filed for Chapter 11 bankruptcy, joining other victims of a crash in digital assets.

As the Federal Reserve rapidly raises interest rates, harming risk sentiment and driving up funding costs, pressure on cryptocurrency platforms has increased. Voyager Digital Ltd., a cryptocurrency broker, requested Chapter 11 bankruptcy protection earlier this month, while Three Arrows Capital, a bankrupt cryptocurrency hedge fund, has appointed liquidators.