Crypto Price Today: Bitcoin holds $27,000; Polkadot, Dogecoin & Solana drop 2%

Bitcoin and other top crypto tokens were down during the early trading hours on Tuesday amid the thin trading volumes, which is hurting the sentiments. Cues over global economic health will be the key triggers for riskier assets in the near term.

After a brief recovery, Bitcoin was back in the red as the largest crypto token dropped half-a-per cent to hold above $27,000 levels, while Ethereum dropped about a per cent but was able to retain the $1,800 mark. However, the major altcoins were seen in red as the weakness persisted.

After a day of upward trend, crypto markets have been under minor selling pressure in the last 24 hours. Bullish sentiments seem to be gradually restored as the crypto fear and greed index stands at 54, up 4 points from yesterday. The crypto-cautious investors, however, continue to observe from the sidelines, said Parth Chaturvedi, Investments Lead, CoinSwitch Ventures.

"Bitcoin and Ethereum have been rangebound. However, Bitcoin's value is holding relatively well and is currently above its 200-week average," he added. "The political forum of G-7 has shown dedication to adopting the upcoming norms to regulate cryptos by the Financial Stability Board (FSB) and following the International Monetary Fund (IMF) recommendations regarding CBDCs."

Barring a few exceptions, top crypto tokens were trading lower on Tuesday. Among the gainers, Litecoin rose more than 2 per cent, whereas Tron gained over one per cent. On the down side, Cardano, Polakdot, Solana and Dogecoin dropped 2 per cent, each, followed by Polygon and Avalanche, which shed over a per cent, each.

The global cryptocurrency market cap was trading lower, falling down to the $1.13 trillion mark as it dropped about a per cent in the last 24 hours. However, the total trading volumes jumped more than 21 per cent to $30.15 billion.
 

Tech View by WazirX Trade Desk
Nervos(CKB) is a layered crypto-economy network that separates the infrastructure of a crypto-economy into two layers: a verification layer (layer 1) that serves as a trusted root and smart custodian, and a generation layer (layer 2) for high-performance transactions and privacy protection.
 

On the daily timeframe, CKB has bounced back from a descending trend and is on the verge of a breakout. The relative strength index(RSI) has entered the buy zone, nearly edging the 45 level. Immediate resistance is expected at $0.0037 and the next support level is expected at $0.003.


(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.)