Major crypto tokens were trading in the red in Tuesday’s trade as diminishing expectations of early interest rate cuts from the Federal Reserve sapped risk appetite, with investors looking to the minutes of the US central bank’s last meeting for clues on the policy outlook.
At 12:25 pm, Bitcoin was trading 0.3% lower at $51,814, while Ethereum was up 1.4% at $2,971. Meanwhile, the global cryptocurrency market cap fell 0.21% to around $1.97 trillion in the last 24 hours.
Among other top altcoins, Solana, Avalanche, Dogecoin, Polkadot, Toncoi, XRP, Internet Computer, and Shiba Inu fell up to 6%. While Ethereum and Tron surged up to 2%.
“In the last 24 hours, Bitcoin experienced a notable surge, reaching a new high for the year at $53,000. However, it quickly retraced to $50,750 due to factors such as peaking open interest and unfavorable funding rates for bullish positions,” said CoinDCX Research Team.
Conversely, Ethereum remained relatively strong throughout the turmoil, showing resilience by barely dropping in price and even surpassing the $3,000 milestone, CoinDCX said.Meanwhile, at the rally in Ethereum, Ashish Singhal, Co-founder of CoinSwitch, said, “ETH has been on a tear since mid-January. There are two major drivers for this; First is the anticipation of a spot ETF in the US, Standard Chartered Bank expects the SEC to approve spot Ethereum ETFs sometime in May, and this can be seen as an external validation from traditional finance. Another major driver is the progress of the ‘Dencun upgrade’ of the Ethereum network.”The total volume in DeFi is currently $6.73 billion, 7.70% of the total crypto market 24-hour volume. The volume of all stablecoins is now $79.25 billion, which is 90.62% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, fell to $1.015 trillion. Bitcoin’s dominance is currently 51.61%, according to CoinMarketCap. BTC volume in the last 24 hours rose 44.8% to $31.55 billion.
“Bitcoin experienced a small correction to $50,700, while trying to break the $53,000 resistance and swiftly revered to $52,000. This price action could be a result of VanEck spot BTC ETF, HODL, which soared up to 14X in a single day with $258 million in trading volume,” said Shivam Thakral, CEO of BuyUcoin.
Tech View by Rajagopal Menon, Vice President, WazirX
BTC’s Exponential Moving Average for a 10-day EMA indicates ‘Buy’ at 50626, and a 200-day EMA indicates ‘Buy’ at 38081. The Simple Moving Average for a 10-day SMA indicates ‘Buy’ at 51,115, and a 200-day SMA indicates ‘Buy’ at 35,794.
The Relative Strength Index (14) sits at 75, indicating ‘Sell’. The Stochastic %K (14, 3, 3) at 80 and the Average Directional Index (14) at 35 indicate a Neutral outlook.
The MACD Level (12, 26), at 2472, indicates ‘Buy’. The Stochastic RSI Fast (3, 3, 14, 14) at 79 indicates ‘Neutral’ and the Williams Percentage at -12 indicates ‘Sell’
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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