Crypto Price Today: Bitcoin holds $23,000; Avalanche, Solana & Ethereum tank up to 6%

Bitcoin and other major crypto tokens saw some profit booking on Friday after the interest rate hikes by US Federal Reserve. The euphoria over moderate rate hikes waned soon and quarterly earnings of the tech-heavy companies gripped the markets.

Bitcoin dropped 2 per cent but still remained over $23,000-mark for the early Asian hours. Its largest peer, Ethereum, dropped more than 2 per cent but held above $1,600-level. Other altcoins were trading with mixed cues.

Bitcoin jumped above the $24,000 level on Thursday as markets continued to react to the latest Federal Reserve policy. This marked the first time since August that Bitcoin reached this level. However, it couldn't maintain its gains and dropped to $23,500, displaying volatility, said Edul Patel, Co-founder and CEO at Mudrex

"Meanwhile, Ethereum also saw a surge with prices nearly hitting $1,700, the highest since September. The current immediate resistance for Ethereum is at $1,700, with the next major resistance at $1,720. If Ethereum doesn't break through the $1,700 resistance, a correction may occur," he said.

Barring a few exceptions, all top crypto tokens were trading sharply lower on Friday. Polkadot, Shiba Inu and Tron were trading marginally higher. Among the losers, Avalanche plunged 6 per cent, whereas Solana tanked 5 per cent. Polygon and Dogecoin were down 4 per cent each.

The global cryptocurrency market cap was trading slightly lower at $1.07 trillion mark, dropping more than a per cent in the last 24 hours. However, the total trading volumes were flat, slipping only a per cent close to $61.25 billion.

Tech View By Giottus Crypto Platform
So far, Fantom (FTM) has been one of the most bullish crypto of this year, having started its uptrend on the back of the Bitcoin. Currently, FTM is trading at above $0.6, up by more than 220 per cent since the start of the year.

With only one major resistance above, and plenty of support below, which include its 50 and 200-day moving averages (at $0.2882 and $0.2650, respectively), as well as the FIB support at $0.51, FTM is poised to strengthen its rally. However, its RSI of 78 indicates that a short-term pullback is possible.

Major levels
Resistance: $1.00, $0.73
Support: $0.51, $0.29, $0.26

(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.)

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