Crypto Price Today: Bitcoin holds $23,000; Cardano, Shiba Inu, Avalanche shed up to 3%
Crypto Price Today: Bitcoin holds $23,000; Cardano, Shiba Inu, Avalanche shed up to 3%
Bitcoin continued to hold $23,000-mark despite some weakness in the largest crypto token, whereas its largest peer Ethereum also lost about a per cent but it stayed above $1,600-mark.
Pawan Kumar Nahar
- Mar 1, 2023,
- Updated Mar 1, 2023 10:13 AM IST
Bitcoin and other top crypto tokens were trading lower during the early trading hours in Asia on Wednesday, after the US consumer data. Traders might be looking to initial jobless claim numbers, scheduled to be released Thursday, for guidance over further rate hikes.
Bitcoin continued to hold $23,000-mark despite some weakness in the largest crypto token, which shed a little more than half a per cent. Its largest peer Ethereum also lost about a per cent but it stayed above $1,600-mark. However, the sentiment remained muted.
Advertisement
Bitcoin, Ethereum, and other cryptocurrencies continued to trade in red on Tuesday following the release of the US consumer confidence data for February, which revealed a decline, said Edul Patel, Co-Founder and CEO at Mudrex. "This drop occurred because buyers could not push the price, worrying about inflation and monetary policies last week."
Barring the US dollar pegged stablecoins, Litecoin and XRP, all other top crypto tokens were trading in red. Cardano dropped about 3 per cent, followed by a 2 per cent fall in Shiba Inu and Avalanche each. Solana and Polkadot also posted significant cuts.
The global cryptocurrency market cap was trading marignally lower to $1.07 trillion mark, falling about half a per cent in the last 24 hours. Similarly, the total trading volumes dropped more than 3 per cent close to $43.97 billion.
Advertisement
Bitcoin and Ethereum struggled to recover from the recent decline and remained under pressure amid growing macroeconomic uncertainty. Popular altcoins also posted minor cuts, said Sathvik Vishwanath, Co-Founder and CEO at Unocoin.
"The ETH pair encountered resistance at $1,665, but a break above this barrier could lead to another upward move towards $1,725. Technical indicators, including the RSI and MACD, have moved into the buy zone, indicating a higher probability of a sustained uptrend," he said.
Crypto updates Bengaluru based crypto platform Mudrex claimed that its flagship index, Crypto Blue Chip Coin Set, outperformed Bitcoin generating net returns of 378 per cent over the past three years, compared to 129 per cent for Bitcoin, despite carrying slightly higher risk than Bitcoin.
Advertisement
Decentralized finance (DeFi) trading platform Aurox Holdings is looking to raise new capital at a $75 million valuation, according to the firm’s fundraising dashboard on tokenized securities venue tZERO. The firm confirmed the valuation.
Tech View By Giottus Crypto Platform Stacks (STX) has heated up ever since Ordinals launched on Bitcoin. The coin is trading around the $0.95 level, rallying by nearly 3x multiple in the last 10 days. In the coming days, if STX manages to claim the psychological resistance at $1, it should continue its uptrend as it does not have many strong resistances above.
It does, however, have strong recent as well as long term supports below, which include the fib support at $0.86, and a trendline that has held on since June last year. STX’s RSI above 60 also indicates strong bullish sentiment. After the $1 mark, bulls should target the next fib resistance at $1.07 and then the golden pocket at $1.27.
Advertisement
Bears should keep a close watch on STX as its 50 and 200-day moving averages stand at $0.39 and $0.32, respectively, indicating that STX might be overbought by a long shot.
Major levels Resistance: $1, $1.07, $1.27 Support: $0.86, $0.61
(Views and recommendations given in this section are the analysts' own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)
Bitcoin and other top crypto tokens were trading lower during the early trading hours in Asia on Wednesday, after the US consumer data. Traders might be looking to initial jobless claim numbers, scheduled to be released Thursday, for guidance over further rate hikes.
Bitcoin continued to hold $23,000-mark despite some weakness in the largest crypto token, which shed a little more than half a per cent. Its largest peer Ethereum also lost about a per cent but it stayed above $1,600-mark. However, the sentiment remained muted.
Advertisement
Bitcoin, Ethereum, and other cryptocurrencies continued to trade in red on Tuesday following the release of the US consumer confidence data for February, which revealed a decline, said Edul Patel, Co-Founder and CEO at Mudrex. "This drop occurred because buyers could not push the price, worrying about inflation and monetary policies last week."
Barring the US dollar pegged stablecoins, Litecoin and XRP, all other top crypto tokens were trading in red. Cardano dropped about 3 per cent, followed by a 2 per cent fall in Shiba Inu and Avalanche each. Solana and Polkadot also posted significant cuts.
The global cryptocurrency market cap was trading marignally lower to $1.07 trillion mark, falling about half a per cent in the last 24 hours. Similarly, the total trading volumes dropped more than 3 per cent close to $43.97 billion.
Advertisement
Bitcoin and Ethereum struggled to recover from the recent decline and remained under pressure amid growing macroeconomic uncertainty. Popular altcoins also posted minor cuts, said Sathvik Vishwanath, Co-Founder and CEO at Unocoin.
"The ETH pair encountered resistance at $1,665, but a break above this barrier could lead to another upward move towards $1,725. Technical indicators, including the RSI and MACD, have moved into the buy zone, indicating a higher probability of a sustained uptrend," he said.
Crypto updates Bengaluru based crypto platform Mudrex claimed that its flagship index, Crypto Blue Chip Coin Set, outperformed Bitcoin generating net returns of 378 per cent over the past three years, compared to 129 per cent for Bitcoin, despite carrying slightly higher risk than Bitcoin.
Advertisement
Decentralized finance (DeFi) trading platform Aurox Holdings is looking to raise new capital at a $75 million valuation, according to the firm’s fundraising dashboard on tokenized securities venue tZERO. The firm confirmed the valuation.
Tech View By Giottus Crypto Platform Stacks (STX) has heated up ever since Ordinals launched on Bitcoin. The coin is trading around the $0.95 level, rallying by nearly 3x multiple in the last 10 days. In the coming days, if STX manages to claim the psychological resistance at $1, it should continue its uptrend as it does not have many strong resistances above.
It does, however, have strong recent as well as long term supports below, which include the fib support at $0.86, and a trendline that has held on since June last year. STX’s RSI above 60 also indicates strong bullish sentiment. After the $1 mark, bulls should target the next fib resistance at $1.07 and then the golden pocket at $1.27.
Advertisement
Bears should keep a close watch on STX as its 50 and 200-day moving averages stand at $0.39 and $0.32, respectively, indicating that STX might be overbought by a long shot.
Major levels Resistance: $1, $1.07, $1.27 Support: $0.86, $0.61
(Views and recommendations given in this section are the analysts' own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)
Read more!