Crypto Price Today: Bitcoin tops $28,000; XRP, Cardano, Dogecoin rally up to 21%

Bitcoin and other crypto tokens continued to move higher on Wednesday, whereas altcoins posted strong gains ahead of the US FOMC meeting outcome later in the day.  The weakness in the US dollar and eased down banking crisis is supporting the sentiments for riskier assets.

Bitcoin rose another 2 per cent to race past the $28,000 mark and pushed the weekly gains to 14 per cent. However, its largest peer Ethereum outperformed and jumped over 3 per cent to comfortably hold above $1,800-levels. However, Altcoins outperformed the headline peers.

Bitcoin rose above the $28,000 mark, ahead of the US FOMC meeting, which would determine whether the interest rate would be raised again. Most investors and traders predict that interest rate hikes will occur at a slower rate of 25 basis points, said Edul Patel, Co-founder and CEO at Mudrex.

"This is in response to the recent crisis, as the US has announced its intention to investigate methods of securing customer deposits at troubled banks. If the Federal Reserve decides to make changes, there will likely be increased market volatility. Meanwhile, Ethereum is teetering at the $1,800 level," he said.

Barring the US pegged stablecoins, all other top crypto tokens were trading in with gains on Wednesday. XRP zoomed about 21 per cent, whereas Cardano soared over 10 per cent. Dogecoin and Avalanche gained 6 per cent each, whereas Shiba Inu, Polygon and Litecoin were up 4 per cent each.

The global cryptocurrency market cap was trading decently higher at $1.18 trillion, rising as much as 2 per cent in the last 24 hours. However, the total trading volumes tumbled as much as 10 per cent, close to $67.01 billion.

If the current uptrend continues, Bitcoin could reach $29,250 or even $30,700. However, if the support levels at $26,700 or $25,200 are breached, the next support level is expected to be at $23,150, said Sathvik Vishwanath, Co-Founder and CEO at Unocoin.

"Despite this potential downside, the formation of bullish engulfing candles indicates a prevailing bullish trend for Bitcoin" he added. "Altcoins outperformed the bitcoin and posted strong gains."

Crypto exchange WazirX launched the fourth edition of its Transparency Report, for the period between October 2022 and March 2023. The exchange maintained its record of 100 per cent compliance rate for all requests received from Law Enforcement Agencies. The requests were received against a total of $390 million worth of transactions during this period.

WazirX also proactively identified accounts with suspicious activities with the help of third party platforms, and shared the information with the Financial Investigation. The average turnaround time to respond to requests was 25 mins for the first cut response, the report said.
 

Tech View By Giottus Crypto Platform
Binance Coin (BNB) has experienced an impressive ~25% surge in just the past 10 days, now trading near the $335 level - a price it hadn't seen since the collapse of FTX.

During this rally, BNB has managed to break through multiple resistance levels, including a long-standing trendline from May last year, as well as its 50-day ($309) and 200-day ($288) moving averages. It has even surpassed fibonacci resistance levels at $288 and $309.
 

Currently, BNB has successfully claimed the highly significant golden pocket at $330 and is making strides towards the next resistance level at $360. Encouragingly, the coin's Relative Strength Index (RSI) hovers around 60, signalling strong bullish sentiment.

Additionally, BNB's 50 and 200-day moving averages are still well below the current price, offering potential support should a correction happen. Recent trends suggest that BNB may struggle to stay above the golden pocket as it didn’t deliver an impulsive breakout and close, so the moving averages are likely to come in handy.

Major Levels
Resistance: $337, $360, $398
Support: $330, $309, $288


(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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