Crypto Price Today: Bitcoin nears $27,000; Ethereum regains $1,850; Litecoin surges 5%

Bitcoin and other crypto tokens were back in the green on Friday on the back of optimism in the global economy after the progress in the US debt ceiling. Also, hopes of a standstill interest rate by the US Federal Reserve pushed the risk sentiments up among the traders.

Bitcoin was back in green on Friday as the largest crypto token was slightly up, flirting with the $27,000 mark during the day. Similarly, its largest peer, Ethereum, rose about a per cent as it regained $1,850 levels. A majority of altcoins were also trading higher, rising in tandem.

Crypto markets have been range-bound in the last 24 hours. The crypto fear and greed index took a 2-point hit yesterday and remains in the neutral zone with 52 points. Investors continue to take a cautious approach toward crypto markets, said Parth Chaturvedi, Investments Lead, CoinSwitch Ventures.
 

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Barring the Shiba Inu and US dollar-pegged stablecoins, all other top crypto tokens were trading higher on Friday. Litecoin topped among the gainers with a more than 5 per cent rise, while Polygon, Avalanche and XRP gained 2 per cent. Cardano and Dogecoin were other top gainers.

The global cryptocurrency market cap was trading sharply higher, rising to $1.14 trillion-mark as it increased more than a per cent in the last 24 hours. However, the total trading volumes dropped over 15 per cent to $29.64 billion.

With the price dipping below the $27,000 mark. On-chain data reveals an interesting trend as smaller Bitcoin investors, known as 'shrimps', with wallet balances of less than 1 BTC have aggressively accumulated the largest crypto. Over the past month alone, the supply held by shrimps has risen by 24,600 BTC, reaching an all-time high of 1.31 million BTC, said CoinDCX Research Team.

"The European Union (EU) has taken a significant step towards regulating the crypto industry by signing into law the Markets in Crypto-Assets framework. Introduced in 2020, this framework aims to establish a robust regulatory system for crypto assets within the EU region. The law is set to go into effect in 2024, heralding the beginning of regulation for crypto firms operating in the EU," he said.
 

Tech View by Giottus Crypto Platform

Polygon (MATIC) is in a bearish trend though a rebound is likely with the asset holding support in longer timeframes. It is trading near $0.9 currently.  The MATIC price trend is in a falling wedge pattern and is looking for a breakout, ideally back above $1.00 and its 200-day MA.

Its RSI also has made a comeback in the past week and is moving upwards indicating an upcoming rally. However, like all altcoins, MATIC’s price action depends on performance of BTC and financial markets. If MATIC fails to withhold the $0.82 support level, it could encounter renewed selling pressure.

Major Levels:
Support: $0.75, $0.82
Resistance: $0.95, $1.05


(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.)