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.
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.
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.)