Crypto Price Today: Bitcoin holds $30k; Ethereum tops $2,100; Avalanche & Solana jump up to 9%
Top crypto tokens were trading mixed during the early trading hours on Monday as Bitcoin saw some profit booking, while Ethereum surged after the Shanghai upgrade. Even BNB was trading sharply up. However, the expectations of rate hikes by the US Federal Reserve kept the traders on tenterhooks.
Bitcoin continued to hold the $30,000 level even after a mild correction in the price of the largest crypto asset. Its biggest peer, Ethereum, outperformed as it continued to move higher to hold the $2,1000 mark over the weekend. Altcoins continued to remain mixed.
Bitcoin held steady at the $30,000 mark after peaking at US$31,005 on Friday, marking its highest level since June 2022. This prompted investors to lock in their gains, said Edul Patel, Co-founder and CEO at Mudrex.
‘”Ethereum, the second-largest cryptocurrency, reached a new 11-month high of $2,141 over the weekend, buoyed by investor optimism following the successful implementation of the Shanghai upgrade. It has surged 134 per cent from its June 2022 lows. In general, the market appears to be bullish,” he said.
All top crypto tokens were trading mixed at the early Asian trading hours. Among the gainers, Avalanche soared 9 per cent, followed by a 6 per cent rise in Solana. BNB also gained 5 per cent. Among the losers, Shiba Inu dropped more than 2 per cent, followed by XRP, Cardano and Polkadot dropping about a per cent, each.
The global cryptocurrency market cap was trading flat at around $1.27 trillion, rising marginally in the last 24 hours. However, the total trading volumes gained more than 20 per cent to $40.70 billion.
A new US bill proposes heavy fines and prison terms for stablecoin issuers who fail to register, potentially impacting the broader cryptocurrency market by increasing regulation and scrutiny. Bitcoin is trading sideways, said Sathvik Vishwanath, Co-Founder & CEO at Unocoin.
“Ethereum hit a one-year high of $2,123 after successful upgrades, with an increase in staking deposits indicating positive signs for the future. Despite near-term headwinds, positive regulatory clarity and easing interest rate hikes could help ETH remain in supply and keep price volatility at bay,” he said.
Note: Price change in last 24 hours
BNB (BNB), earlier referred to as Binance Coin, has been subject to volatility lately owing to Binance’s controversies in the USA. But it continues to be playing out well technically. It has broken a major short-term resistance of $335-340.
It is now headed for the top of a parallel channel it has played in and out of since September 2021, setting up a decisive moment that may signal where the coin heads for the long term.
With BNB holding a long-term support line and showing clear bullish market structure change, we may see it target $400 if the immediate resistance of $355-360 is overcome.
However, we cannot rule out a fake breakout that sends BNB to new lows. Thus, for those looking to join the rally, a valid retest of a breakout from the $355-360 is essential for a good entry. For those looking to buy lower, BNB must hold on to $340 before positions are taken.
Major levels
Support: $340, $330, $300
Resistance: $360, $400
(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.)
