Crypto Price Today: Bitcoin nears $30,500; Ethereum below $1,900; Polygon, BNB rise up to 9%

Bitcoin and other top crypto tokens moved higher on Monday after the US Fed signalled nearing an end to rate hike cycle. Bitcoin continues to show healthy signs of decentralization, even as it has liquidity issues. However, the crypto market continues its struggle with liquidity.

Bitcoin gained some shine on Tuesday as the largest crypto token gained about a per cent, but remained below $30,500-mark. Its largest peer, Ethereum, also added a per cent on similar lines but $1,900-levels were still far. However, price action in other altcoins outperformed the blue-chip tokens.

The crypto market has seen slight positive price action in the last 24 hours. The crypto fear and greed index has also jumped by a point and continues to be in the greed zone with a score of 57/100, said Shubham Hudda, Senior Manager, CoinSwitch Markets Desk.

"The top 10 cryptos by market capitalization are currently trading in the green. After a recent correction in altcoins, traders have finally found some relief in Polygon. The project’s native token, MATIC, rallied close to 10% in the last 24 hours and recorded its one-month high, regaining almost all of the losses it registered from the delisting announcement on Robinhood," he said.

Barring the Tron, all of the top crypto token were trading higher on Tuesday. Polygon surged more than 9 per cent, while BNB advanced about 6 per cent. Litecoin added 3 per cent, while Polkadot and XRP gained 2 per cent each during the early day. The sole loser, Tron, was marginally down.

The global cryptocurrency market cap was trading higher, rising to $1.19 trillion-mark as it declined more than a per cent in the last 24 hours. However, the total trading volumes surged more than 46 per cent to $32.09 billion.

Investors will be closely watching inflation numbers and jobless claims data later this week for clues about the direction of interest rates. If inflation continues to rise, the Fed may be forced to raise rates even more aggressively. However, if inflation starts to cool, the Fed may be able to ease off on its rate hikes, said CoinDCX Research Team.
 

Tech View by WazirX Trade Desk
Polygon(MATIC) is an innovative platform that pioneers the realm of Ethereum scaling and infrastructure development. With its user-friendly interface and carefully designed structure, it stands as the foremost solution in this domain. At the heart of Polygon lies its powerful Polygon SDK, a versatile and customizable framework that empowers developers to create a wide range of applications.
 

The MATIC/USDT chart is on the verge of a breakout from the converging triangle pattern, on the 12-hourly time period. The chart has been making higher lows since the past 3 weeks with a minor jump in buying volumes in the last few days. The next resistance is expected at $0.75 and an immediate support is expected at the $0.65 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.)