Crypto Price Today: Bitcoin tops $31,000; Ethereum trades above $1,950; Bitcoin Cash, Polygon up 4%

Bitcoin and other crypto tokens were trading mostly higher on Tuesday, but a few tokens saw some profit booking. However, the overall market sentiments remained positive as the market repaired the damage from last year's catastrophes. Though, the action could be tame as the US observed a holiday today.
 
Bitcoin extended its gains on Tuesday as the largest crypto token advanced more than a per cent to regain the $31,000 mark. Its largest peer, Ethereum, was also in green, rising two-third per cent and topped the $1,950 level. However, price action in other altcoins was mixed.

Top crypto tokens were trading mixed during the early trading session on Tuesday. Litecoin topped among the losers and dropped more than 4 per cent, while Polkadot shed 2 per cent. Solana and BNB were down a per cent each. On the Contrary, Bitcoin Cash and Polygon gained 4 per cent each, while XRP rose 2 per cent.

The global cryptocurrency market cap was trading higher, rising to the $1.22 trillion mark as it gained almost a per cent in the last 24 hours. However, the total trading volumes increased more than 25 per cent to $37.84 billion.

Bitcoin is holding steady above $30,000 as prospective issuers refile their bitcoin ETF applications after the SEC decided to declare the previous applications inadequate. The refiled applications are being seen as a positive sign for the future of Bitcoin ETFs, said CoinDCX Research Team.

"If approved, they would make it easier for investors to buy and sell Bitcoin, which could lead to further price gains. Around 79% of the BTC circulating supply is in profit, which signals a healthy outlook for the largest crypto asset. This substantial percentage suggests a potential for sustained upward movement in Bitcoin's price cycle," it said.

Crypto markets have showcased slow upward movement for the second day. The crypto fear and greed index is up by 2 points, furthering into the greed zone with a score of 64/100. The BTC ETF narrative continues to keep the market sentiment and prices afloat, said Shubham Hudda, Senior Manager, CoinSwitch Markets Desk.

"It has been nearly two weeks now that BTC has been trading in the range of $30,000 - $31,500. BTC’s stability hints towards a weakening grip by the bears. It is now a matter of when instead of ‘if’ BTC will cross the psychological resistance of $31.5k and mark a 14-month high again," he said.

Image: Crypto-chart-price

Tech View by WazirX Trade Desk
DigiByte (DGB) is a blockchain and platform for creating assets that operates on an open-source framework. Its primary objective is to enhance the security, capacity, and transaction speed of the Bitcoin blockchain. The DGB/USDT chart had been in a consolidation phase since the past few weeks.

Image: Chart-DIgibyte

However, on the weekly timeframe, the DGB price has broken above the descending trendline and is expected to continue its upwards trajectory in the coming few days. The weekly RSI has surged above 50 for the first time in nearly 75 days. The next resistance is expected at $0.01 and an immediate support is expected at the $0.0078 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.)