Crypto Market Update: Bitcoin Trades Flat, Altcoins Down
Bitcoin, the largest crypto token, traded flat on Tuesday while other top crypto tokens were mostly down. Traders are betting against price turbulence and BTC is unlikely to get a bullish catalyst. The crypto market continues to be range-bound, while awaiting key inflation data from the US due later in the week, which will give trends for the future.
Bitcoin remained above the 29,000-mark, with mild gains compared to the previous day. Its largest peer, Ethereum, was trading lower, falling about half a per cent but did not breach $1,800-levels. The market saw downside price action in major altcoins in the early hours. The crypto fear and greed index jumped 5 points to a score of 54/100, remaining in the neutral zone.
Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, noted, “BTC continues to see another day of flat price action trading in a small range while other major altcoins continue to book small losses.”
Ethereum-based layer 2 solution, Optimism, has seen positive price action for 5 continuous weeks and is up 50 per cent. This rise is attributed to Coinbase’s layer 2 solution, BASE, being based on the open-source OP stack.
On Monday, most top crypto tokens were trading lower, with Shiba Inu plunging more than 3 per cent and Dogecoin and Polygon down 2 per cent each. Polkadot, Cardano, and Litecoin shed over a per cent each. Bitcoin Cash, however, gained more than 2 per cent.
The global cryptocurrency market cap fell to $1.16 trillion-mark, dropping less than half-a-per cent in the last 24 hours. Trading volumes surged about 50 per cent to $32.37 billion.
In tech news, High Token (HIGH) soared by over 50 per cent in the last 3 weeks, closing in green consecutively for the same period. The weekly trend for HIGH has broken out of the descending triangle pattern with a build-up of buying volumes. The next resistance is expected at $1.63, with an immediate support at $1.33.
Analysts caution that these views and recommendations are their own and do not represent those of Business Today. It’s recommended to consult a financial adviser before taking any position in the mentioned assets.
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