Crypto Price Today: Bitcoin nears $31,000; Ethereum clutches $1,700; ChainLink surges 11%

Bitcoin and other crypto tokens posted strong gains on Monday as the bullish momentum in the crypto markets continued over the weekend.  Possible spot bitcoin exchange-traded fund (ETF) approval in the US pushed the momentum higher in the digital asset market, which was cheered with all-round buying interest.

Bitcoin continued to move higher as the last crypto token surged more than 2 per cent to hover near 31,000-levels. However, its largest peer, Ethereum, outperformed and rose more than 3 per cent but to inched towards $1,700-level. Majority of the altcoins were trading higher.

Bitcoin surpassed the $30,000 mark during the weekend, fueled by renewed optimism regarding the potential approval of a Bitcoin Spot ETF as multiple applicants modified their applications with the SEC last week. The price movement has resulted in Bitcoin reaching a three-month high and a jump of over 11 per cent a week, said Edul Patel, Co-Founder & CEO at Mudrex.

"The market sentiment is currently bullish. Concurrently, Ethereum has shattered the $1,600 resistance level and is now trading above $1,650, while altcoins like Solana and Chainlink have displayed remarkable growth, exceeding 35% and 41%, respectively, over the last week," he said.

Barring the US dollar pegged USD coin and Tron as only exceptions, majority of top crypto tokens were trading with big gains on Monday. Chainlink surged more than 11 per cent, while Polygon rallied 8 per cent. Solana surged about 5 per cent, while BNB and Polkadot added 3 per cent each.

The global cryptocurrency market cap was trading sharply higher, rising up $1.17 trillion-mark, as it surged more than two per cent in the last 24 hours. However, the total trading volumes rose over 22 per cent to $49.22 billion.

Image: Crypto-chart-price

Tech View by Giottus Crypto Platform
Aptos (APT), trading above its 50-day exponential moving average, is in an ascending trend. The asset has broken above the previous key resistance of $5.5 and is currently experiencing a rally, due to wider positive sentiment in the market.

Image: Chart-APTOS

After successfully breaching the upper limit of the flat bottom pattern on Saturday, APT was able to sustain support and has entered the accumulation phase. It faces immediate resistance at $6.65 with next resistance at $7.61. Its 14-day RSI remains overbought, and is currently around 75. These values suggest that the bullish break may continue in the near term. On the down side, $5.27 is the key support level.

Major Levels:
Support: $5.27, $4.68
Resistance: $6.65, $7.61


(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.)