Bitcoin and other crypto tokens have been trading range-bound on Tuesday, with a negative bias as the digital asset market continues to face challenges from regulatory actions and litigations. Despite the struggle, macroeconomic signals are poised to impact the token markets.
Bitcoin remained under selling pressure, holding above $26,000-levels. Ethereum, also under strain, dropped about a per cent but retained above $1,650-mark. Meanwhile, the altcoins experienced a slump in price action.
The market has managed to find psychological support just over the 1 trillion-dollar market capitalization after a decline in Bitcoin in the last few days, as observed by Shubham Hudda, Senior Manager at CoinSwitch Markets Desk. The crypto and fear index continues to linger in the fear zone with a score of 37/100.
A noteworthy development in the market includes the emerging product on Coinbase’s layer 2 BASE, called friend.tech, which has generated close to $1 million in 24 hours duration, making it the third most valuable Dapp within weeks of its launch. The app allows Twitter or X.com users to create an exclusive community and purchase ‘keys’ of famous celebrities for exclusive chat access.
On Tuesday, apart from Litecoin and the US dollar pegged USD Coin, all other top crypto tokens were trading lower. Shiba Inu crashed about 5 per cent, while Polygon tanked about 4 per cent. Cardano and BNB dropped 3 per cent each, XRP and Dogecoin shed 2 per cent each.
The global cryptocurrency market cap dropped to $1.05 trillion-mark, falling almost a per cent in the last 24 hours, while the total trading volumes soared up to $28.94 billion, marking a 31 per cent increase.
Tech View by WazirX Trade Desk
Travala.com is a leading booking service that embraces cryptocurrency and offers a wide variety of travel options globally. The AVA token serves as the gateway to web3 loyalty initiatives, providing users with benefits such as reduced AVA payments, rewards through AVA loyalty programs, exclusive access privileges, and additional benefits. The AVA/USDT price gained nearly 7% during the course of a day and broke above the ascending triangle pattern with increased buying volumes. The next resistance is expected at 0.68 USDT and an immediate support at 0.57 USDT.
The 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.
In addition to the cryptocurrency market analysis, Business Today also discusses upcoming events related to RIL shares and Adani Power shares.
I have been a full-time professional writer for over 10 years, and have written for some of the biggest publications in the world. My work revolves around cryptocurrencies and blockchain technology, and I am widely considered to be one of the leading experts in these fields.I have written two books on the subject matter, and my articles have been featured in major news outlets such as The Wall Street Journal, Forbes, and Huffington Post. In addition to writing, I also give talks and seminars on cryptocurrency investing, and am a regular commentator on CNBC, Bloomberg, and other financial news networks.
