header banner
Default

Bitcoin maintains its above $26,200 level today, while BNB and Polygon both rise by 2%


Table of Contents

    The major crypto tokens were trading higher on Tuesday. The global cryptocurrency market cap was trading at around $1.05 trillion, rising 0.76% in the last 24 hours.

    Bitcoin was up 0.56% at $26,291 as of 11:58 a.m., while Ethereum rose 0.78% to $1,590.

    The crypto market has traded sideways with slight buying pressure. Continuing its oscillation between the neutral and fear zones, the crypto fear and greed index is back in the fear zone with a score of 46/100 after shedding off a point since yesterday. Markets at large, including crypto and even global equities, are currently dealing with the rate hike concerns and rising treasury yields, said Shubham Hudda, Senior Manager, CoinSwitch Markets Desk.

    Barring Solana, Toncoin, and Shiba Inu, all major crypto tokens were trading higher on Tuesday. BNB, XRP and Polygon gained up to 2%.


    The market cap of Bitcoin, the world's largest cryptocurrency, was around $512 billion. Bitcoin's dominance is currently 48.93%, according to CoinMarketCap.

    Meanwhile, BTC volume stood at approximately $10.46 billion, falling 0.45% in the last 24 hours.

    "Bitcoin continues to consolidate above $26,000 and is up ~2% this month. If it finishes in the green this week, it will mark the first time in seven years that Bitcoin didn’t have a decline in September. Key resistance level at $27,500 is the next target to breach to hold its price action," Vikram Subburaj, CEO of Giottus Crypto Platform, said.

    "Meanwhile, the US Dollar index, DXY, is showcasing strength – it is now above 106 from a low of ~100 two months back. This can negatively impact crypto asset prices in near term," Subburaj said.

    CoinDCX Research Team said, On a positive note, MicroStrategy's chair, Michael Saylor, announced that the company invested $147.3 million to acquire an additional 5,445 BTC on September 24. This new purchase brings MicroStrategy's total Bitcoin holdings to an impressive 158,245 coins. However, it's noteworthy that the BTC price didn't react much following this news.

    Tech view by Rajagopal Menon, Vice President at WazirX on the Crypto Market

    BTC's Exponential Moving Average for 10-day and 200-day indicate a 'Sell' sentiment at 26473 and 26959, respectively. Similarly, the Simple Moving Average for 10-day and 200-day SMA indicate a 'Sell' at 26629 and 27930, respectively. Exponential moving averages show a 'Sell' sentiment.

    The Ichimoku Base Line, valued at 26203, shows a 'Neutral' sentiment for quite a long time, whereas the Hull Moving Average indicates a 'Buy' signal at 26194. The Volume Weighted Moving Average at 26343 showed a 'Buy' signal.

    The MACD Level (12, 26) at -45 indicates a 'Buy'. The Stochastic RSI Fast (3, 3, 14, 14) is at 27 with a 'Neutral' indicator, while the Williams Percent Range (14) at −65 signals 'Neutral'.

    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    Sources


    Article information

    Author: Jonathon Neal

    Last Updated: 1703865962

    Views: 487

    Rating: 4.1 / 5 (93 voted)

    Reviews: 89% of readers found this page helpful

    Author information

    Name: Jonathon Neal

    Birthday: 2005-12-20

    Address: 8533 Greg Road Apt. 902, Lake Billy, MI 21343

    Phone: +4844392143542766

    Job: Chemical Engineer

    Hobby: Sewing, Horseback Riding, Video Editing, Drone Flying, Hiking, Sailing, Knitting

    Introduction: My name is Jonathon Neal, I am a skilled, Colorful, accessible, rich, strong-willed, irreplaceable, treasured person who loves writing and wants to share my knowledge and understanding with you.