crypto price today: Crypto Price Today: Bitcoin rises above $27,900 amid optimism over US debt ceiling deal

The cryp­tocur­ren­cy mar­kets were trad­ing high­er on Mon­day amid opti­mism over the US debt ceil­ing deal. Bit­coin (BTC) rose 2.55% to $27,927, while Ethereum (ETH) was above the $1,900 level.

“Most cryp­tocur­ren­cies trad­ed in green over the week­end after mar­kets react­ed to the White House announc­ing that a deal to avert a debt ceil­ing cri­sis has been reached on one side and the release of high­er-than-expect­ed lat­est per­son­al con­sump­tion data from the US on the oth­er side,” Edul Patel, Co-founder and CEO at Mudrex, said.

“Cur­rent­ly, Bit­coin is seen trad­ing above the US$28,000 lev­el gain­ing over 3% in the past 24 hours and eras­ing its week­ly loss­es. If BTC can clear the US$28,500 resis­tance zone, it might con­tin­ue high­er soon,” Edul added.

The total vol­ume in DeFi stood at 2.30 bil­lion, 6.83% of the total cryp­to mar­ket 24-hour vol­ume. The vol­ume of all sta­ble­coins is now $30.6 bil­lion, which is 91.07% of the total cryp­to mar­ket 24-hour volume.

The glob­al cryp­tocur­ren­cy mar­ket cap was trad­ing high­er around $1.16 tril­lion, ris­ing 2.04% in the last 24 hours.

The mar­ket cap of Bit­coin, the world’s largest cryp­tocur­ren­cy, was around $541 bil­lion. Bitcoin’s dom­i­nance is cur­rent­ly 46.64%, an increase of 0.22% over the day, accord­ing to Coin­Mar­ket­Cap. BTC vol­ume in the last 24 hours stood at approx­i­mate­ly $16.23 bil­lion, ris­ing 66.46% in the last 24 hours.

“The impasse over the US debt ceil­ing shows ear­ly signs of mov­ing towards a res­o­lu­tion as the 99-page text was released on Sun­day night which will be sub­ject to debate in com­ing days. The devel­op­ment had an imme­di­ate impact on the cryp­to mar­ket as BTC and Ether jumped over 3%,” Shiv­am Thakral, CEO of BuyU­coin said.Rajagopal Menon, Vice Pres­i­dent at WazirX said, “Major mar­ket oscil­la­tors point toward a Neu­tral sen­ti­ment. The Rel­a­tive Strength Index (14), one of the key indi­ca­tors, sits at 57, with a neu­tral out­look. The Sto­chas­tic %K (14, 3, 3) and the Aver­age Direc­tion­al Index (14) is at 78 and 24, respec­tive­ly, fur­ther indi­cat­ing a Neu­tral market.

“The MACD Lev­el (12, 26) at ‑170 indi­cates a Buy. The Sto­chas­tic RSI Fast (3, 3, 14, 14) is at 95 with a Neu­tral indi­ca­tor, while the Williams Per­cent Range (14) at −14 sig­nals Sell,” Menon added.

Cryp­to Cart: Quick Glance (Source: coinmarketcap.com, data as of 1.32 hours, IST on May 29, 2023)

Bit­coin $27,927 2.55%
Ethereum $1,901 2.87%
Teth­er $1.00 ‑0.03%
BNB $314 2.08%
XRP $0.4806 1.52%
Car­dano $0.3792 1.47%
Doge­coin $0.07321 0.62%
Poly­gon $0.9294 0.33%
Solana $20.73 1.15%
Lite­coin $91.42 1.96%
Polka­dot $5.48 1.76%
Tron $0.07719 ‑0.26%
Shi­ba Inu $0.000008788 ‑0.20%

(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)