Crypto Price Today: Bitcoin nears $22,500; Avalnche, XRP, Polygoin climb up to 3%

The global crypto market was trading flat as the traders await the comments from US central Bank chairman Jerome Powell. However, trading volumes remained significantly lower, signaling that current market sentiments are bearish and further declines are possible.

Bitcoin was trading flat, almost unchanged in the last 24 hours. The largest crypto asset was hovering around able $22,500 mark amid the volatility. Its largest peer Ethereum was slightly up, rising a little over half a per cent but remained below the $1,600 level. Altcoins, however, remained muted.

Crypto markets had a tough weekend as investors and traders tried to digest the major negative development from last week around crypto-friendly bank Silvergate Capital. After it failed to submit its 10-K filing, the stock came under tremendous pressure as fears of bankruptcy gained traction, said Parth Chaturvedi, Crypto Ecosystem Lead at CoinSwitch.

Major US crypto players severed banking relations while their settlement platform SEN was shut down. Considering the overhang, markets didn't react with an extreme negative bias, with BTC and ETH trading almost flat in the last 24 hours, he said.

Barring the a few exceptions, most of the top and popular crypto tokens were trading higher on Tuesday. Avalanche rose about 3 per cent, whereas XRP and Polygon jumped over 2 per cent, each. Among the losers, Cardano shed about a per cent, followed by Litecoin and Solana.

The global cryptocurrency market cap was trading higher at the $1.03 trillion mark, rising slightly in the last 24 hours. However, the total trading volumes plunged as much as 12 per cent close to $32.69 billion.

The total crypto market cap including all the major tokens dropped by over 5 per cent during the last week following the downfall of Silvergate, one of the main banking providers for the crypto industry, said WazirX in its note.

On this Women's day, BuyUcoin said that more than 25 per cent of its users are women, majorly from the 21-36 age group, which are led by Delhi-NCR (18 per cent), Maharashtra (14 per cent), Karnataka (10 per cent) and Uttar Pradesh (8 per cent). Bitcoin, Ethereum and Dogecoin are the top crypto tokens on its platform.

BuyUcoin has emerged as a preferred choice of women for crypto-led investment, said Shivam Thakral, CEO of BuyUcoin. "I feel extremely delighted to say that more than one-fourth of women investors on BuyUcoin are women and we have received an overwhelming response from women users after the formal tax regime was introduced last year."

 

Tech View By WazirX Trade Desk
Bitcoin (BTC) closed in red for the last couple of weeks after a 10 per cent jump in the mid-week of Feb, 2023. However, BTC appeared to show promise as the trends continued its upward momentum. The daily chart for BTC is traversing within an ascending channel pattern making higher lows.

 

The chart has bounced-off the lower trendline and we could expect an upward momentum in the days to come. The next resistance for bitcoin is expected at the $25,000 level and the next support could be expected around the $21,400 levels.

 

(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.)