Crypto Price Today: Bitcoin holds $26,000; Ethereum nears $1,690; Altcoins trade mixed

Bitcoin and other crypto tokens were nursing their wounds on Tuesday amid the volatility in the riskier asset class. The ongoing week looks slow for cryptocurrencies due to few macroeconomic updates. After a flat and dull trade, the market is looking for signals to take a direction.  

After the recent bout of weakness, Bitcoin was back in buying momentum as the largest crypto token surged about a per cent to hold above $26,000-levels. Its largest peer Ethereum also gained on the similar lines but did not race-past $1,600-mark. Price action in the altcoins remained on the positive side in the early hours.

The crypto market has traded sideways with slight buying pressure. Continuing its oscillation between the neutral and fear zones, the crypto fear and greed index is back in the fear zone with a score of 46/100 after shedding off a point since yesterday. Markets are currently dealing with the rate hike concerns and rising treasury yields, said Shubham Hudda, Senior Manager, CoinSwitch Markets Desk. "In an interesting take, data compiled by Token Terminal shows that Ethereum has generated over $10 billion in revenue in a record seven years," he added. "MicroStrategy, in its recent regulatory filing disclosed that the company has purchased BTC worth approximately $150 million since August 01. Total BTC holdings currently sum up to nearly $4.7 billion." Barring a few exceptions, all top crypto tokens were trading higher on Tuesday. Polkadot and Polygon gained about 2 per cent each, while BNB and Cardano added more than a per cent each. Among the laggards, Toncoin dropped more than 2 per cent, while Shiba Inu was down about a per cent. Solana was also seen in red. The global cryptocurrency market cap was trading slightly higher, rising to $1.05 trillion-mark, as it rose about a per cent in the last 24 hours. However, the total trading volumes jumped about 10 per cent to $22.73 billion.  

Tech View by WazirX Trade Desk Chainlink(LINK) serves as a blockchain abstraction layer, facilitating seamless connectivity for smart contracts across various platforms. By employing a decentralized oracle network, Chainlink ensures secure interactions between blockchains and external data feeds, events, and payment systems.  

On the weekly time-frame, the LINK/USDT trend has been traversing within the descending channel pattern. However, since the past few weeks, the price is on an upward trajectory with the chart breaking above the 20-week moving average and approaching the upper trendline. The next resistance is expected at 8.78 USDT and an immediate support is expected at 6.46 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.)