Crypto Price Today: Bitcoin tops $28,000; Ethereum nears $1,600; Solana rises 9%

Bitcoin and other crypto tokens were trading sharply higher on Tuesday in Asia but the gains soon eased early morning. A false report of a spot ETF approval was posted on social media platform X, formerly known as Twitter. However, the gains were trimmed as the clarity emerged and the report was deleted.

Bitcoin posted sharp gains in the early morning as the last crypto token surged about 4 per cent to once again top 28,000-levels. However, its largest peer, Ethereum, also gained about 2 per cent but remained below $1600-level. Altcoins were also trading with decent gains in the early morning.

Yesterday was a very interesting day to trade. Bitcoin saw a 70-day high in price. This happened alongside a massive $65 million worth of liquidation in close to 15 minutes as a major crypto news publisher CoinTelegraph reported that the Blackrock Bitcoin ETF has been approved by the SEC, said Shubham Hudda, Senior Manager at CoinSwitch Markets Desk.

"However, shortly after, Blackrock clarified that their application is still under review," he said. "The series of events makes one thing clear—a real spot Bitcoin ETF approval is highly likely to lead to an unprecedented rally. Currently, Bitcoin still looks bullish in charts," he added.

Barring a few exceptions, the majority of top crypto tokens were trading with big gains on Tuesday. Solana surged about 9 per cent, while Polygon was trading 3 per cent higher. Tron, Litecoin and BNB added 2 per cent each. Among the losers, only Polkadot and USD Coin were seen in red.

The global cryptocurrency market cap was trading significantly higher, jumping to $1.09 trillion-mark, as it surged as much as three per cent in the last 24 hours. However, the total trading volumes zoomed more than 220 per cent to $62.5billion.
 

Tech View by WazirX Trade Desk
Solana, an open-source project that leverages the unrestricted nature of blockchain technology, offers decentralised finance (DeFi) solutions. Although the project's conception and early development date back to 2017, Solana was formally introduced in March 2020 under the stewardship of the Solana Foundation, headquartered in Geneva, Switzerland
 

The SOL/USDT chart made a single day jump of nearly 7 per cent, reclaiming its position above the $24 level. On the daily time-frame, the SOL/USDT chart has just broken above the triangle pattern with its daily buying volumes almost doubling. The next resistance is expected at 27.5 USDT and an immediate support is expected at 20.2 USDT.




(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.)