Crypto Price Today: Bitcoin slips below $23,000; Solana, Polygon tank up to 6%; Dogecoin rally 4%

Bitcoin and other major crypto tokens were trading sharply lower on Tuesday as traders awaited the US Fed's monetary policy announcement of rate hikes later in the day. Also, the earnings of select megacaps disappointed the investors, which further dented the sentiments.

Bitcoin slipped over 3 per cent to breach $23,000-mark, whereas its largest peer Ethereum tanked sharply to drop below $1,600-level. Pain was more intense among the altcoins, with select names like BitDAO and Axis Infinity plunging up to 18 per cent.

Barring the US dollar pegged stablecoins and Dogecoin, all top crypto tokens were trading sharply lower on Tuesday. Dogecoin jumped more than 3 per cent, whereas Polygon, Cardano, Solana and Avalanche were among the top losers. XRP and Ethereum were also among the top losers.

The global cryptocurrency market cap was trading lower at $1.04 trillion mark, rising about 3 per cent in the last 24 hours. However, the total trading volumes surged 14 per cent close to $56.79 billion.

Crypto updates
Virtual world The Sandbox’s SAND token is witnessing a surge in price over the month ahead of its token unlock scheduled for February 14. Token unlocks, which are usually considered bearish events, appear to be having little effect on the price of The Sandbox’s SAND token in the lead-up to releasing more supply.

The liquid token fund of crypto-focused venture-capital firm Pantera Capital lost 80 per cent during 2022, taking a nearly 23 per cent hit in November alone after the implosion of centralized exchange FTX.

Twitter is designing a system to permit payments through the social-media platform, and although billionaire owner Elon Musk wants it "first and foremost" to be for fiat currencies, he wants the ability to add cryptocurrencies later, the Financial Times reported Monday.

Tech View by WazirX Trade Desk
The total cryptocurrency market cap is trading above $1Trillion since the past couple of weeks. Dogecoin is trading at 9th rank with a $11.9 billion marketcap. The meme coin gained a little less than 3 per cent in the last week compared to Bitcoin, which rose by over 5 per cent in the same period.

Being cyclical in nature, a good indicator to ascertain the markets are Moving averages. They help us understand the current trend. Historically, whenever the price of DOGE traded above the 21-week Moving Average, it showed strong uptrend and whenever the price traded below the 21-week Moving Average, it indicated a strong downtrend.

As per the chart DOGE is currently trading above the 21-week MA and it has also formed a higher low pattern which is an indication of trend reversal from downtrend to uptrend.

(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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Also read: Crypto Price Today: Bitcoin holds $23,600; Solana, Ethereum, BNB rises up to 6%