Crypto Price Today: Bitcoin holds above $26,000; Polkadot, Shiba Inu rise up to 3%

Synopsis

“The crypto market remained stable over the weekend, with the total market capitalization hovering around $1.05 trillion. The upcoming week is anticipated to bring heightened market volatility due to various significant macroeconomic events,” said CoinDCX Research Team.

Crypto Price Today: Bitcoin holds above $26,000; Polkadot, Shiba Inu rise up to 3%  0 The crypto tokens were mostly trading higher in Tuesday’s trade ahead of key macro data from the US. Bitcoin (BTC) rose 0.31% to $26,012, whereas Ethereum (ETH) was just below the 1,650 level.

Meanwhile, the global cryptocurrency market cap was trading higher, around $1.05 trillion, rising 0.40% in the last 24 hours.

“The crypto market remained stable over the weekend, with the total market capitalization hovering around $1.05 trillion. The upcoming week is anticipated to bring heightened market volatility due to various significant macroeconomic events,” said CoinDCX Research Team.

“These events, including US Job Openings, Non-Farm Employment Change, and the Unemployment Rate, are expected to have ripple effects on various assets such as Gold, the Dollar Index, US Equity Markets, and the crypto market,” it added.

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View Details »Other top crypto tokens were also trading higher on Tuesday. Cardano, Dogecoin, and Polkadot surged up to 3.5%.

The market cap of Bitcoin, the world’s largest cryptocurrency, was around $506 billion. Bitcoin’s dominance is currently 48.29%, according to CoinMarketCap. Meanwhile, BTC volume stood at approximately $10.8 billion, rising 36.98% in the last 24 hours.

“Bitcoin continues to hold $26,000 even as the US stock indices are fighting to bounce off key support at their 20-week moving averages. If they hold, Bitcoin needs to recapture the $28,200 resistance to turn bullish. If wider financial markets go bearish, Bitcoin has to hold $25,200 support to arrest a further decline,” Vikram Subburaj, CEO of Giottus Crypto Platform, said.

Sathvik Vishwanath, Co-Founder & CEO at Unocoin, said, “Bitcoin is currently hovering just above the important $26,100 support level. Its price movement remains limited above the critical support at $25,900, given its inability to sustain levels above the $26,500 resistance.”

“Currently, the cryptocurrency is trading below the 100-hour simple moving average (SMA) and below the $26,200 level, facing significant resistance at the $26,200 and $26,500 levels,” he added.

Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 12:04 hours, IST on August 29, 2023)

Bitcoin $26,012 0.31%
Ethereum $1,646 0.20%
Tether $0.9992 -0.02%
BNB $217 0.47%
XRP $0.5183 0.45%
Cardano $0.2639 1.47%
Dogecoin $0.06311 1.15%
Solana $20.33 -0.09%
Polygon $0.5573 1.29%
Litecoin $65.19 1.03%
Polkadot $4.61 3.5%
Tron $0.07636 -1.30%
Shiba Inu $0.000008135 2.30%

(Note: Price change in last 24 hours)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Source

Updated: 08/29/2023 — 06:00

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