Crypto Price Today: Bitcoin regains $27,000; Tron, Dogecoin, Polygon gain up to 7% each

Bitcoin and other top crypto tokens were moving higher on Tuesday as investors weighed the latest developments in the US debt ceiling stalemate. The digital asset market has been volatile amid macroeconomic uncertainties, which is guiding the sentiments in the near-term.

Bitcoin was back in green on Tuesday as the largest crypto token jumped about 3 per cent to regain $27,000-mark. Its largest peer, Ethereum, was also surging higher, rose about 4 per cent to race past $1,850-levels. Other altcoins were also trading higher.

"Crypto markets declined as the total market cap stood at $1.12 trillion ahead of just before the US President Joe Biden discussing the debt ceiling later in the day, Over the past month, Bitcoin has been mostly in a consolidation phase, experiencing a mere 2 per cent decline while managing to hold its value," said CoinDCX Research Team

"On a positive sign, the rise in Bitcoin's social dominance, often indicative of fear in the market, raises the probability of a rebound. Furthermore, the heightened discussion surrounding Bitcoin following its price slump below $27,000 can be viewed as a positive sign for a potential pullback," it said.

All the top crypto tokens, including stablecoins, were trading higher on Tuesday. Tron rallied 7 per cent, followed by a 5 per cent gains in Shiba Inu, Polygon and Avalanche each. Other altcoins including Cardano, Dogecoin, BNB, Polkadot and Solana rose up 3 per cent for the day.

The global cryptocurrency market cap was trading higher, rising up to $1.14 trillion-mark as it jumped more than 2 per cent in the last 24 hours. However, the total trading volumes surged about 30 per cent to $27.64 billion.

Crypto markets are trading slightly higher in the last 24 hours. The crypto fear and greed index remains in the neutral zone with 50 points, up 1 point. Investor sentiment continues to be cautious in the backdrop of the US debt ceiling discussions, said Parth Chaturvedi, Investments Lead, CoinSwitch Ventures.

"In other news, a new report by TRM Labs highlights a decreasing trend in crypto hacks. The report shares that there has been a 70% decline in hacks from Q1 2022, while the average hack size has also shrunk. Hackers are increasingly settling for white-hat rewards from exploited projects," he added.
 

Tech View by WazirX Trade Desk
Conflux(CFX) is a layer-1 blockchain that has been specifically designed to empower decentralized applications (dApps), e-commerce, and Web 3.0 infrastructure. Its aim is to surpass existing protocols in terms of scalability, decentralization, and security.
 

On the daily timeframe, the CFX/USDT chart had been on a steady downtrend since Apr’23. However, the chart has formed a converging triangle pattern with the trend on the verge of a breakout. We could expect a 10% upside from the breakout levels and the current price may be a good opportunity to take a buy position. An immediate support is expected at 0.245 USDT and next resistance is expected at 0.345 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.)