Crypto Price Today: Bitcoin holds $28,000; Dogecoin, Polygon, Shiba Inu drop up to 5%

Bitcoin and other crypto tokens saw some profit booking on Thursday after a strong rise in the last few sessions. as investors ponder multiple signs of economic contraction and potential aftershocks of the recent banking crisis.

Bitcoin dropped about 2 per cent in the last 24 hours but was able to hold the $28,000 mark. Its largest peer, Ethereum, was also down by outperforming Bitcoin as the second largest crypto token shed less than a per cent but slipped below the $1,900 level. Altcoins posted bigger cuts.

Ahead of the forthcoming release of the US non-farm payroll data on Friday, most cryptocurrencies experienced a decline. Bitcoin dipped by almost 2 per cent over the past day, trading at the $28,000 level, said Edul Patel, Co-founder and CEO at Mudrex.

"Ethereum saw an upward trend, trading above the $1,900 level, the highest since August of last year. However, it has now dropped by 1 per cent and is currently trading at the $1,892 level. As investors and traders brace themselves for the upcoming data release, the market may experience relatively low levels of volatility," he said.

Barring the US dollar-pegged stablecoins, all other top crypto tokens were trading lower on Thursday. Dogecoin topped the losers with a 5 per cent fall, whereas Shiba Inu and Polygon plunged 3 per cent, each. Polkadot, Solana and Cardano plunged 2 per cent, each.

The global cryptocurrency market cap was trading significantly lower at $1.19 trillion, dropping more than a per cent in the last 24 hours. However, the total trading volumes dropped about 8 per cent to $41.43 billion.
 

Tech View By WazirX Trade Desk
Mina Protocol(MINA) is a blockchain that has been designed to reduce computational demands and increase efficiency in running decentralized applications (DApps). It achieves this by being minimal and succinct in its structure. Additionally, it balances security and decentralization, making it a reliable and secure option for building DApps.
 

MINA surged by over 280% since the start of the year, making a year-to-date high of $1.72. On the daily time frame, the trend for MINA can be seen retesting the breakout levels. The Relative Strength Index(RSI) is currently at a healthy level of 55. Strong resistance is expected at the $1.43 level and immediate support is expected at the $0.97 level.


(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.)

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