Crypto price today: Bitcoin hits $30k; Ethereum tops $2,100; Avalanche & Solana jump up to 9%
Top crypto tokens traded mixed during early trading hours on Monday, as Bitcoin saw some gains, while Ethereum rose following the Shanghai upgrade. Even BNB traded up sharply. However, expectations of interest rate hikes from the US central bank kept traders on their toes.
Bitcoin continued to hold the $30,000 level even after a mild correction in the price of the largest crypto asset. Its major peer, Ethereum, outperformed as it continued to move higher to hold the $2.1000 mark over the weekend. Altcoins continued to remain mixed.
Bitcoin held steady at the $30,000 mark after hitting a high of US$31,005 on Friday, marking its highest level since June 2022. This prompted investors to lock in their gains, said Edul Patel, co-founder and CEO of Mudrex.
“Ethereum, the second-largest cryptocurrency, hit a new 11-month high of $2,141 over the weekend, boosted by investor optimism following the successful implementation of the Shanghai upgrade. It has risen 134 percent from its June 2022 low. Overall, the market looks to be bullish,” he said.
All the top crypto tokens traded mixed in the early Asian hours. Among the winners, Avalanche rose 9 percent, followed by a 6 percent increase in Solana. BNB also rose by 5 percent. Among the losers, Shiba Inu fell more than 2 percent, followed by XRP, Cardano, and Polkadot, which fell about one percent each.
The global cryptocurrency market capitalization was trading flat at around $1.27 trillion, rising marginally over the past 24 hours. However, total trading volumes increased by more than 20 percent to $40.70 billion.
A new US bill proposes heavy fines and prison terms for stablecoin issuers who fail to register, potentially impacting the broader cryptocurrency market by increasing regulation and scrutiny. Bitcoin trades sideways, said Sathvik Vishwanath, co-founder and CEO of Unocoin.
“Ethereum hit a one-year high of $2,123 after successful upgrades, with an increase in stake deposits indicating positive signs for the future. Despite near-term headwinds, positive regulatory clarity and easing interest rate hikes could help ETH remain in supply and keep price volatility in chess,” he said.
Note: Price change last 24 hours
BNB (BNB), previously referred to as Binance Coin, has been subject to volatility lately due to Binance’s controversies in the US. But it continues to play well technically. It has broken a major short-term resistance at $335-340.
It is now heading towards the top of a parallel channel it has been playing in and out of since September 2021, setting up a defining moment that could signal where the coin is headed in the long term.
With BNB holding a long-term support line and clearly showing bullish market structural change, we can see the $400 target if the immediate $355-360 resistance is overcome.
However, we cannot rule out a false breakout that sends BNB to new lows. Therefore, for those looking to join the rally, a valid retest of a breakout from $355-360 is essential for a good entry. For those looking to buy lower, BNB needs to hold $340 before positions are taken.
Great levels
Support: $340, $330, $300
Resistance: $360, $400
(Views and recommendations provided in this section are the analysts’ own and do not represent those of Business Today. Consult your financial advisor before taking any position in the asset(s) mentioned.)
