Crypto Price Today: Bitcoin and Ethereum inch higher, Altcoins trade mixed

Bitcoin was struggling to hold some gains on Thursday, after approaching its six-month lows. Some fund buying in the crypto market supported the gloomy sentiments as the rally faded soon. All eyes are set on macroeconomic actions and crypto regulations ahead of the G-20 meeting to be held this weekend in New Delhi.

Bitcoin inched up marginally on Thursday as the largest crypto token rose marginally to regain $25,800-levels. Its largest peer, Ethereum, also moved on the similar lines but could not cross the $1,650-mark. Price action in the altcoins remained positive in the smaller peers.

Bitcoin is trading above $25,600 as it attempts once more to break through the $26,000 resistance zone. However, it has been unable to gather enough momentum to surpass the $26,000 and $26,200 levels. This trend aligns with historical data, which shows that Bitcoin's price has typically declined during September for the past six years, said Edul Patel, Co-Founder & CEO at Mudrex.

"Ethereum has remained within a narrow trading range, fluctuating between $1,600 and $1,700 over the past week. Asset management firms Ark Invest and 21Shares have submitted an application to the US SEC for the creation of a fund named Ark 21Shares Ethereum ETF. If approved, this would mark the first-ever attempt to launch a spot Ethereum ETF in the United States," he said.

Barring a few exceptions, all top crypto tokens were trading slightly higher on Thursday but selling in larger peers weighed on the markets. Among the gainers, Toncoin rose 4 per cent, while Tron surged about 2 per cent. On the downside, Solana declined 2 per cent, while Dogecoin and Cardano shed about a per cent each.

The global cryptocurrency market cap was trading flat, almost unchanged at $1.04 trillion-mark, as edged down slightly in the last 24 hours. However, the total trading volumes surged more than 10 per cent to $26.72 billion.

BTC’s price remained within a narrow range for another day, although for a very brief duration. The small dump and pump happened around the same time as the news broke out that a major tech investor Cathie Wood's ARK Invest applied for a spot Ethereum ETF in the US, said Shubham Hudda, Senior Manager at CoinSwitch Markets Desk.

"In other news, marking one of the biggest product policy changes in recent times, Google's ad services will now allow NFT game creators to promote their games involving in-game digital asset exchanges if they do not contain any gambling-related elements. In July this year, Google had allowed such games to be listed on the Play Store," he said.

Image: Crypto-chart-price

Tech View by Giottus Crypto Platform:
Enjin (ENJ) offers a network of interlinked gaming products built on blockchain technology. At the forefront of Enjin's offerings is the Enjin Network, a social gaming platform that empowers users to establish websites and clans, engage in conversations, and manage virtual item shops.

Image: Chart-ENJIN

On the daily time-frame, the ENJ/USDT trend has broken out of the descending channel pattern. The price has shown good momentum with the RSI crossing above 60 after nearly two months. The volume in the last 24 hours has seen an exponential rise. The next resistance is expected at 0.285 USDT and an immediate support is expected at 0.25 USDT.


(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.)