Crypto Price Today: Bitcoin nears $27,000; Ethereum firms above $1,600; Toncoin rises 5%

Bit­coin and oth­er cryp­to tokens were trad­ing high­er on Tues­day ahead of the Fed­er­al Reserve’s pol­i­cy meet­ing out­come, where the US cen­tral bank is expect­ed to main­tain the sta­tus quo. The mar­ket dom­i­nance of Bit­coin in the cryp­to mar­ket has increased to about 50 per cent, which is the high­est in the last 26 months.

Bit­coin post­ed mild gains as the largest cryp­to token rose about a per cent, near­ing $27,000-levels after briefly touch­ing it. Its largest peer, Ethereum, also inched up mar­gin­al­ly, to firm its posi­tion above $1,600-mark. Price action in the alt­coins remained on the pos­i­tive side in the ear­ly hours.

The cryp­to mar­ket has trad­ed side­ways with an upward bias in the last 24 hours. It has been anoth­er pos­i­tive day for Bit­coin as it touched $27,400 before pulling back slight­ly, In fact, the last 8 days have been pret­ty pos­i­tive for the cryp­to mar­ket with Bit­coin rebound­ing about 10 per cent from its recent lows, said Shub­ham Hud­da, Senior Man­ag­er, Coin­Switch Mar­kets Desk.

“Oth­er cryp­tos worth high­light­ing are Solana and Chain­link as they have been show­ing sig­nif­i­cant momen­tum ever since the mar­ket start­ed to recov­er. With giants like finan­cial ser­vice provider SWIFT using Chainlink’s infra­struc­ture, we can see a sig­nif­i­cant upside if this momen­tum con­tin­ues,” he said.

Bar­ring a few excep­tions, all top cryp­to tokens were trad­ing high­er on Tues­day. Ton­coin surged about 5 per cent, while Solana gained about 4 per cent. Lite­coin rose over 3 per cent, where­as XRP and Car­dano were up 2 per cent each. Among the losers, BNB declined about a per cent, while Polka­dot and Shi­ba Inu also retreated.

The glob­al cryp­tocur­ren­cy mar­ket cap was trad­ing slight­ly high­er, ris­ing to $1.07 tril­lion-mark, as it rose about a per cent in the last 24 hours. How­ev­er, the total trad­ing vol­umes surged more than 63 per cent to $30.13 billion.

Image: Cryp­to-chart-price

Tech View by WazirX Trade Desk

Chainlink(LINK) serves as a blockchain abstrac­tion lay­er, facil­i­tat­ing seam­less con­nec­tiv­i­ty for smart con­tracts across var­i­ous plat­forms. By employ­ing a decen­tral­ized ora­cle net­work, Chain­link ensures secure inter­ac­tions between blockchains and exter­nal data feeds, events, and pay­ment systems.

Image: Chart-LINK

In the dai­ly time-frame, the LINK/USDT trend has come out of its con­sol­i­da­tion phase. The chart has bro­ken out of the descend­ing trend­line with a good buildup of vol­ume and we could expect an upward tra­jec­to­ry in the trend dur­ing the com­ing weeks. The next resis­tance is expect­ed at 7.33 USDT and a strong sup­port is expect­ed at 5.01 USDT.

(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.)