Crypto Price Today: Bitcoin tops $25,000; BNB, Polkadot, Dogecoin climb up to 6%

Bitcoin and other digital tokens rose in the early trading hours in Asia on Friday. Traders will be keenly looking at the banking crisis across the globe and the rate-hike path by the US Fed in its upcoming FOMC meet, scheduled next week.

Bitcoin was again above $25,000, rising about 6 per cent in the last 24 hours. However, it was just shy of the $26,000-mark during the given period. Its largest peer Ethereum gained about 4 per cent to regain the $1,700 level. However, altcoins outperformed the blue-chip tokens.

The total trading volume of the cryptocurrency market in the past 24 hours is $80.24 billion, reflecting a 19.52 per cent decrease. DeFi's current volume stands at $7.25 billion, representing 9.03 per cent of the total 24-hour trading volume of the entire crypto market, said Edul Patel, Co-founder and CEO at Mudrex

"The encouraging part is the total market cap has managed to cross the $1 Trillion mark. However, it is important to steer away from a probable bull trap now. In terms of market dominance, Bitcoin now holds 44.42 per cent of the total crypto market capitalization," he added.

Barring the US dollar pegged stablecoins, all other popular crypto tokens were higher on Friday. BNB jumped 6 per cent, whereas Polkadot rose 5 per cent. Dogecoin, Polygon, Litecoin and Ethereum were up 4 per cent, each, in the early trade.

The global cryptocurrency market cap was trading sharply higher at $1.11 trillion, after falling more than 4 per cent in the last 24 hours. However, the total trading volumes tumbled almost 18 per cent, close to $66.55 billion.

Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch said that the banking contagion spread across the Atlantic with Credit Suisse under major selling pressure and taking the entire European banking stocks down with it.

"The big negative from last week was the unnecessary shutdown of Signature Bank, reportedly not because of solvency issues but linkages with the crypto industry. Effectively in the last two weeks, three most prominent crypto-friendly banks in the US, with access to US banking routes getting more difficult for crypto players," he said.
 

Tech View By Giottus Crypto Platform
Chainlink (LINK) is expected to show some interesting price action with L2 solution Arbitrum announcing a move away from relying on the blockchain to its own token - ARB. Trading around $6.8, it is down about 20% from its last month's high. With LINK having given several ‘fakeouts’ outside of a long-term symmetrical triangle formation, it is quite unpredictable right now.
 

There are some challenges ahead for LINK, with the nearest resistance being the 0.38 fib level at $6.9. LINK's 50 and 200-day moving averages, both around the $7 mark, suggest that it might be oversold and due for a rebound. If LINK manages to rise above the $7 mark, bulls could push it up even further to the next fib resistance at $7.4.

The golden pocket at $8 may also be due for a retest. Bears will aim to pull LINK down to the next support at $6.3. Following that, it might end up testing the $5.3 mark, which also happens to be LINK’s lowest since July 2020.

Major Levels
Resistance: $6.9, $7.4, $8.0
Support: $6.3, $5.3

(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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