Crypto Price Today: Bitcoin tops $28,000; Ethereum regains $1,900; Shiba Inu sole loser

Bitcoin and other crypto tokens rose on Monday as the White House announced that a deal to avert a debt ceiling crisis has been reached. The US lawmakers  are likely to reach an agreement on debt ceiling, pushing the digital tokens higher. The US President Joe Biden said the deal is "an important step forward" in a statement, calling it a compromise.

Bitcoin extended its weekend rally on Monday as the largest crypto token gained more than 3 per cent to regain the $28,000-mark. Similarly, its largest peer, Ethereum, jumped about 3 per cent to regain the $1,900-levels. However, altcoins were also shining but underperformed the headline tokens.

Over the weekend, most cryptocurrencies experienced positive gains following significant market reactions to two key events- the announcement from the White House regarding a successful deal to avert a debt ceiling crisis and the release of personal consumption data from the US, which surpassed expectations, said Edul Patel Ceo and Co founder of Mudrex.

"Currently, Bitcoin is trading above the $28,000 mark, having gained over 3 per cent in the past 24 hours and successfully recovering from its weekly losses. If Bitcoin surpasses the resistance zone at $28,500, it could continue its upward trend in the near future. Alongside Bitcoin, Ethereum also witnessed an upward movement, with its trading price reaching $1,900," he said.

Barring the memecoin Shiba Inu, all other top crypto tokens were trading higher on Monday. After the top two blue-chip tokens, Cardano was up 3 per cent. BNB, Polkadot, XRP and Solana gained 2 per cent each. Litecoin and Polygon added about a per cent each during the day.

The global cryptocurrency market cap was trading higher, rising up to $1.17 trillion-mark as it jumped as much as 3 per cent in the last 24 hours. However, the total trading volumes surged about 57 per cent to $32.09 billion.
 

Tech View by Giottus Crypto Platform
Cardano (ADA) is trying to break out from a descending channel and is holding well above the 200-DMA. After registering short line candles for a couple of weeks, the price action is indicating a break with longer candles.
 

This indicates that ADA may be past its consolidation phase. $0.41 resistance level is the next target. Its RSI continues to be in the overbought zone reflecting an underlying bullishness. On the downside, the $0.35 support level coinciding with the 200-day MA level is key.

Major Levels:
Support: $0.30, $0.35
Resistance: $0.41, $0.45

(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.)