In the trading session on Tuesday, the performance of various crypto tokens was mixed. Bitcoin, Solana, XRP, Cardano, Tron, and NEAR Protocol saw gains, with an increase of up to 2%. Conversely, Ethereum, BNB, Dogecoin, Toncoin, Shiba Inu, and Chainlink experienced losses, trading down by as much as 8%.
Over the last 24 hours, the global cryptocurrency market cap saw a slight increase of 0.28%, reaching approximately $2.45 trillion.
As of 11:57 a.m., Bitcoin was trading at \(66,617, up by 0.5%, while Ethereum remained below the \)3,200 mark.
Crypto Tracker
- Bitcoin: 5,533,256 (0.46%)
- Solana: 12,865 (0.23%)
- XRP: 83 (0.04%)
- Cardano: 50,218 (-0.08%)
- Tron: 264,520 (-1.24%)
“Bitcoin has surged back to the \(67,000 level in the past day, recovering from a dip to \)60,000. This rebound may be attributed to reduced tensions in the Middle East and lower Bitcoin transaction fees post-halving,” mentioned Edul Patel, CEO of Mudrex. Vikram Subburaj, CEO of Giottus Crypto Platform, noted, “Bitcoin has surpassed \(66,700 with a 3% daily increase, indicating early signs of a potential extended rally. With favorable RSI (66) and stochastic (100) levels, there are expectations for Bitcoin to climb towards \)70,000 in the coming week.” The total DeFi volume currently stands at \(5.57 billion, representing 8.3% of the total crypto market’s 24-hour volume. Stablecoins have a volume of \)63.27 billion, constituting 94.22% of the total crypto market’s 24-hour volume, as per CoinMarketCap data. In the past 24 hours, Bitcoin’s market cap, the largest in the world, rose to \(1.310 trillion, with a dominance of 52.62%. BTC’s 24-hour volume increased by 3.12% to \)24.98 billion.
Rajagopal Menon, Vice President of WazirX, stated, “The market sentiment appears optimistic, with buyers surpassing sellers due to BTC’s price decline, indicating a potential price surge for top tokens like Bitcoin and Ethereum.”
Tech View by Sathvik Vishwanath, Co-Founder & CEO of Unocoin
At \(66,270, Bitcoin’s break above \)64,853 suggests upward momentum, with resistance levels at \(66,910, \)69,232, and \(71,425, and support at \)63,045, \(61,387, and \)59,686. Technical indicators like the RSI at 62 and the 50-day EMA at \(64,788 support optimism and suggest strong buying above \)64,850, while signaling a probable sell-off below.
(Disclaimer: The recommendations, suggestions, views, and opinions expressed by the experts are their own and do not necessarily reflect the views of The Economic Times)