Crypto Price Today: Bitcoin falls below $28,100; BNB, Polkadot shed up to 3%
“Bitcoin started the new week trading in the red, as markets prepare for an important week of the U.S economic events. Currently, BTC is being traded at the US$28,000 level, having reached a weekend high of US$29,900. Investors are closely monitoring the Federal Reserve’s announcement regarding interest rate hikes on Wednesday,” Edul Patel, Co-founder and CEO at Mudrex, said.
The global cryptocurrency market cap was trading higher around $1.16 trillion, rising 1.51% in the last 24 hours.
The total volume in DeFi is currently 2.50 billion, 7.18% of the total crypto market 24-hour volume. The volume of all stablecoins is now $32.31 billion, which is 92.87% of the total crypto market 24-hour volume.
The market cap of Bitcoin, the world’s largest cryptocurrency, was around $543 billion. Bitcoin’s dominance is currently 46.67%, a decrease of 0.23% over the day, according to CoinMarketCap.
“Bitcoin has been resilient and has registered growth in all four months of the year (first time since 2013). Currently, it is experiencing a short-term downtrend that enjoys strong support at $27,000 level in case of a further decline. Once it bounces back, reclaiming $30,000 will be the ideal path,” Vikram Subburaj, CEO of Giottus Crypto Platform, said.
With the US Fed doing a press conference later this week, we anticipate some volatility on both sides based on macroeconomic conditions, Subburaj said.Sathvik Vishwanath, Co-Founder & CEO of Unocoin, said, “Bearish sentiment is currently indicated by candlestick patterns, while the RSI and MACD indicators predict a potential downtrend in Bitcoin price. The trendline on the 4-hour chart suggests that Bitcoin may encounter immediate support at 27,600, with another support level at 27,200 if the price breaks below this level.”
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 1.16 hours, IST on May 02, 2023)
Bitcoin $28,045 -2.12%
Ethereum $1,835 -0.79%
Tether $1.00 -0.02%
BNB $324 -3.02%
XRP $0.4635 -0.39%
Cardano $0.3863 -1.15%
Dogecoin $0.07855 -0.57%
Polygon $0.9608 -2.33%
Solana $21.92 -1.91%
Polkadot $5.69 -2.62%
Shiba Inu $0.000009917 -1.24%
Litecoin $87.41 -0.23%
Tron $0.06839 0.11%
(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)