Crypto Price Today: Bitcoin holds $28k; Shiba Inu, Avalanche & XRP tanked 4% each

Top crypto tokens were trading down on Monday amid the liquidity concerns as Binance halted the withdrawals citing technical issues. However, the sentiments euphoric positive of memecoin amid the buzz. Though, the activity in the broader crypto markets remains flat.

Bitcoin dropped more than 2 per cent in the early trading hours on Monday as the largest crypto token was able to hold above the $28,000 mark. Its largest peer, Ethereum, also dropped a little less than 2 per cent to hold $1,850-levels. However, pain in the altcoin was severe.

Over the past few weeks, the cryptocurrency market has been moving sideways. Despite multiple attempts in April, Bitcoin has been unable to surpass the $31,000 threshold. On Saturday, following strong US job growth in April, Bitcoin increased to US$29,800, said Edul Patel CEO and Co-Founder at Mudrex.

"Bitcoin is trading at the $28,300 level, while Ethereum is trading at the $1,860 level, which has declined by nearly 2 per cent compared to the previous day. Binance had suspended deposits and withdrawals in March due to technical issues, during which time BTC dropped by about 1 per cent," he added.

Barring the US Dollar pegged USD coin, all other top crypto tokens were trading with big cuts on Monday. XRP plunged more than 4 per cent, while Avalanche and Shiba Inu also posted similar cuts. Polygon, Polkadot, Solana and Tron declined 3 per cent each. Dogecoin and Cardano were other losers.

The global cryptocurrency market cap was trading significantly lower, hovering at $1.16 trillion-mark as it dropped more than 2 per cent in the last 24 hours. However, the total trading volumes tanked almost 16 per cent to $31.66 billion.

The rise of meme coin Pepecoin has created huge profits for traders, with one pseudonymous trader making a 50,00,000 per cent profit. The coin's market cap exceeded $1 billion and at one point was worth more than Arbitrum's ARB, said Sathvik Vishwanath, Co-Founder & CEO at Unocoin.

"Ethereum (ETH) posted an 8.7 per cent gain in the last 48 hours, but its upward momentum was halted by a rejection in the $2,024 price area. Bitcoin (BTC) regained the $29,000 price zone, but selling pressure caused the price of ETH to drop to $1,908. The overall market outlook remains unpredictable, with fluctuations expected in response to news and events," he said.
 

Tech View by Giottus Crypto Platform
BNB (BNB), earlier known as Binance Coin, is currently experiencing a bearish slump after getting rejected at its 200-day moving average. It is currently trading below $320.
 

The price action seems to have fallen through the higher low and lower high levels since April. The RSI levels (38.12) have also experienced a sharp fall, reflecting aggressive selling pressure in the market. There are indications that the downtrend is bound to continue as the wider crypto market takes in the red today.

Major Levels:
Support: $315, $310
Resistance: $340, $350


(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.)