crypto price today: Crypto Price Today: Bitcoin rises above $29k; Ethereum, Polygon surge up to 3%

“Following the Federal Reserve’s decision to raise interest rates by 25 basis points, Bitcoin is regaining its strength. The Fed indicated that this week’s increase could be the last for the time being. At present, Bitcoin is being traded at the US$29,000 level and is gradually approaching its resistance levels of US$29,420 and US$30,000,” Edul Patel, Co-founder and CEO at Mudrex, said.
“As the upcoming US employment figures are scheduled to be released on Friday, investors and traders are keeping a watchful eye on them,” Edul added.
The global cryptocurrency market cap was trading higher around $1.20 trillion, rising 2% in the last 24 hours.
The total volume in DeFi is currently 3,45 billion, 8.04% of the total crypto market 24-hour volume. The volume of all stablecoins was at $38.99 billion, which is 90.76% of the total crypto market 24-hour volume.
The market cap of Bitcoin, the world’s largest cryptocurrency, was around $563 billion. Bitcoin’s dominance is currently 47.13%, an increase of 0.21% over the day, according to CoinMarketCap.
“Bitcoin (BTC) rallied 2% overnight as the US Fed indicated that it may pause interest rate hikes in the future. Given concerns about the US banking crisis, investors are likely to move capital towards Gold and Bitcoin in the short term. BTC has to reclaim $30,000 to strengthen its 2023 rally,” Vikram Subburaj, CEO of Giottus Crypto Platform, said.Sathvik Vishwanath, Co-Founder & CEO of Unocoin said that Bitcoin bounced back from the $28,100 level but faces strong resistance at the $29,295 level. “A break above this level could lead to a target of $29,975 and eventually $30,000,” he said.
“However, the candlestick patterns indicate bearish sentiment, while the RSI and MACD indicators indicate a possible downtrend. The 50-day EMA also acted as a support area around $28,800. Immediate support lies near $27,600 and a break below this level could lead to further declines towards $27,200,” Sathvik added.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 11.57 hours, IST on May 04, 2023)
Bitcoin $29,157 2.45%
Ethereum $1,901 2.14%
Tether $1.00 0.01%
BNB $326 1.12%
XRP $0.4628 0.72%
Cardano $0.3946 2.12%
Dogecoin $0.0794 1.26%
Polygon $0.9976 2.80%
Solana $22.23 1.74%
Polkadot $5.76 1.46%
Shiba Inu $0.00001006 1.08%
Litecoin $88.47 0.49%
Tron $0.06934 0.28%
(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)