Crypto Price Today: Bitcoin nears $28,000; Avalanche & Litecoin drop up to 6%

Bitcoin continued to hold firm during the early trading hours on Tuesday but other crypto assets were trading lower. Traders across the globe are looking at the US Federal Reserve's interest rate hike as its two-day FOMC meeting begins today. Also, the banking sector will also be keenly watched amid the concerns.

Bitcoin was trading higher, rising more than 1 per cent in the last 24 hours and was slightly below $28,000. However, its largest peer Ethereum was down about a per cent but held above the $1,750 mark. However, the majority of the altcoins were trading in red with decent cuts.

It was heartwarming to see the crypto market rise against all odds last week. Despite the many sell-offs in global equities and 'risky assets,' Bitcoin (BTC) finally broke out of the $20,000-$25,000 range it was trading in for weeks, said Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch.

"However, caution remains the need of the hour as the banking sector news can still impact market sentiments," he said. "Regulators may continue to make it difficult for banks to process crypto-related transactions, as has been the case with Signature bank. Another thing to look out for will be the Fed's meeting on Wednesday."

Barring Bitcoin, all other top crypto tokens were trading in red on Tuesday as the banking crisis eased. Avalanche slumped 6 per cent, whereas Litecoin dropped 5 per cent. Polkadot, Dogecoin and Polygon shed 4 per cent, each. Shiba Inu was down 3 per cent.

The global cryptocurrency market cap was trading slightly lower at $1.16 trillion, falling almost a per cent in the last 24 hours. However, the total trading volumes increased as much as 9 per cent, close to $74.43 billion.

Tech View By WazirX Trade Desk

Ren (REN) is an open protocol built to provide interoperability and liquidity between different blockchain platforms. The protocol’s native token, REN, functions as a bond for those running nodes that power RenVM, known as Darknodes.

Ren aims to expand the interoperability, and hence accessibility, of decentralized finance (DeFi) by removing hurdles involved in liquidity between blockchains.
 

The REN/USDT price chart has broken the descending trendline with good volume, it is up by 37% for the day. Currently, it is trading above the 20-week exponential moving average(EMA) and appearing strong compared to the overall crypto market. It is expected to remain strong and continue the upward movement.

The next resistance for the REN token is expected at $0.15 level and the next support could be expected around the $0.10 level.

(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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