Crypto Price Today: Bitcoin Regains $20K; Solana and Polkadot get up to 8%
Analysts believe, however, that the upswing may be short-lived amid macroeconomic turbulence and growing fears of recession. Thus, traders need to be cautious for now, they add.
Apart from XRP and US dollar-pegged Tether, all the top crypto tokens traded sharply higher on Tuesday. Solana zoomed up to 8 percent, while Bitcoin and Polkadot increased by 6 percent each.
The global cryptocurrency market capitalization traded higher at $962.94 billion, rising more than 4 percent in the past 24 hours. However, total trading volume zoomed nearly 52 percent, close to $81.16 billion.
Expert take
Edul Patel, CEO and co-founder, Mudrex said that Bitcoin and Ethereum rose in line with the stock markets.
“Bitcoin buyers could seize the initiative above the $19,500 level by entering the market after digesting macroeconomic factors. The second largest cryptocurrency, Ethereum, regained its psychological support at $1,300.”
Global updates
- Authorities in China’s Hunan province arrested 93 people for allegedly laundering up to RMB 40 billion ($5.6 billion) using cryptocurrencies, as the country continues to crack down on crime involving digital assets.
- The Commodity Futures Trading Commission (CFTC) filed and settled charges last week against a blockchain protocol and its founders that could have a huge ripple effect on the crypto industry.
- Michael Patryn, co-founder of failed Canadian crypto exchange QuadrigaCX, who goes by the moniker ‘Sifu’, has launched UwU Lend, a decentralized finance (DeFi) platform that is part of the Aave blockchain.
- Decentralized file sharing protocol Filecoin saw a nearly sevenfold increase in data providers since the start of 2022, ahead of plans for a major upgrade in early 2023.
Tech View of Giotto’s Crypto Platform
Ethereum (ETH) is the second largest and most popular crypto after Bitcoin. Recently on September 15, Ethereum underwent the most ambitious upgrade in its history so far, known as The Merge. With the event, amid much fanfare, Ethereum has now officially transitioned to a proof-of-stake consensus algorithm.
In the wake of the merger, Ethereum has largely maintained the downtrend it entered in the second week of September. Today, Ethereum is up roughly 5% over the past 24 hours, at $1,365 – down nearly 25% from its local high of $1,790 on September 11.
A CONTRIBUTORFrom around mid-September, ETH formed a parallel channel with several successive lower lows until September 21, when it bottomed around $1,240 and went on to test the $1,340 resistance level. The $1,270 level, marked by the 0.618 fib retracement level, currently serves as ETH’s immediate support.
ETH needs to overcome the 20-day EMA around $1,425 to mark a possible trend reversal. The RSI, which failed to break out of the 39 ceilings in the meantime, shows that if ETH continued its downward trajectory, it would enter the oversold zone.
Main Levels:
Resistance: $1,350, $1,400, $1,440
Support: $1250, $1210
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial advisor before taking any position in the asset(s) mentioned.)
