Crypto Price Today: Bitcoin holds above $29k; Ethereum above $1,900; Altcoins mixed

Top crypto tokens were trading rangebound on Friday amid the renewed banking crisis in the US after rate hikes by the US Federal Reserve and European Central Bank (ECB). Over in the world of macroeconomic signals, China’s economy looks like it's slowing down.

Bitcoin continued to extend its gains as the largest crypto token rose almost a per cent in the last 24-hours to firmly hold $29,000-levels. However, its largest peer, Ethereum, was able to remain above $1,900-mark even as it was trading in red. Action in the altcoins remained mixed.

Crypto markets have been rangebound in the last 24 hours. The crypto fear and greed index stands at 61, down 3 points in the last 24 hours. DeFi protocol Lido has surpassed 6 million ETH deposits on its liquid staking platform at a new high, thanks to the Shapella upgrade. Institutional interest in liquid staking continues to grow, said Parth Chaturvedi, Investments Lead at CoinSwitch.

"PEPE, another meme coin, has caught many eyeballs as it exploded in volume and price. PEPE, trading at $0.00000219, is up 100 per cent in the last 24 hours and over 700 per cent in the last 7 days. This is a sign of exuberance and speculative frenzy, and investors must remain cautious," he said.

Barring a few names, the majority of the top crypto tokens were seen in red. However, the action on both sides was capped amid the absence of clear cues. Polygon and Solana dropped more than a per cent, followed by Dogecoin and Polkadot, which were down about a per cent. Among the gainers, Avalanche and Shiba Inu gained about a per cent each.

The global cryptocurrency market cap was trading slightly higher, holding at $1.20 trillion-mark as it jumped less than a per cent in the last 24 hours. However, the total trading volumes tanked almost 20 per cent to $33.99 billion.

The crypto market quickly recovered from the latest rate hike of 25 basis points announced by the Fed. The crypto market is witnessing restricted growth due to high inflation and other macroeconomic factors and the Jobs data on Friday will act as a key stimulant for the market momentum, said Shivam Thakral, CEO of BuyUcoin.

The cryptocurrency market, particularly Bitcoin, remains in a consolidation phase amid uncertainty about the global economic outlook. Investors are closely watching upcoming US jobs data, which should show the strength of the labor market. But cracks are already showing, with weaker demand for labor a leading indicator of potential job losses, said Sathvik Vishwanath, Co-Founder & CEO, Unocoin.

"A worsening banking crisis is also expected to lead to a significant decline in lending, substantially increasing the risks of a recession. As economic risks and the likelihood of a near-term Fed rate-cutting cycle rise, US sovereign markets are taking notice," he said. "Overall, the risks are tilted more towards a possible short-term Bitcoin price pump as opposed to a new bear market."
 

Tech View by Giottus Crypto Platform
Polygon (MATIC) is showing a bullish trend with support level forming near $0.96. MATIC is consolidating in tight range after a local top near $0.99 and is currently trading at $0.98.
 

The 20-day EMA (currently at $0.98) is increasing, suggesting a change in sentiment. The token can have a considerable rally once it breaks the key resistance level of $1.04. On the flip side, $0.96 is likely to be a strong support zone. However, MATIC's movement will likely be heavily correlated to BTC price action.

Major Levels:
Support: $0.96, $0.975
Resistance: $1,$1.01, $1.04


(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.)