Crypto Price Today: Bitcoin Holds Above $28,500; Ethereum, Polygon Rise Up 2%

Ahead of the Federal Reserve’s interest rate decision scheduled for later in the day, cryptocurrency markets traded higher in Wednesday’s trading. Bitcoin (BTC) rose 1.96% to $28,526, while Ethereum (ETH) was above the $1,850 level. BTC volume in the last 24 hours was about $16.17 billion, rising 1.78% in the last 24 hours.

“Bitcoin rose nearly 2% in the past 24 hours after the Job Openings and Labor Turnover Survey (JOLTS) data. The data showed that U.S. job vacancies fell to 9.6 million in March, below expectations of 9.775 million and their lowest since April 2021,” said Edul Patel, co-founder and CEO of Mudrex.

“Additionally, investors and traders may make early moves in anticipation of the US Federal Reserve’s decision on interest rate hikes. Similarly, Ethereum traded at the US$1,850 level and made moves following BTC,” Edul added.

The global cryptocurrency market capitalization traded higher around $1.17 trillion, rising 1% in the past 24 hours.

The total volume in DeFi is currently 2.50 billion, 7.21% of the total 24-hour volume of the crypto market. The volume of all stablecoins is now $32.02 billion, which is 92.45% of the total crypto market 24-hour volume.
The market value of Bitcoin, the world’s largest cryptocurrency, was around $551 billion. Bitcoin’s dominance is currently 46.92%, up 0.25% on the day, according to CoinMarketCap.” In the short term, the escalating banking crisis, the US economic outlook and monetary policy will affect the price of Bitcoin. Currently consolidating at $27,000 -$31,000 range, further US bank collapses could increase demand for safe havens and push Bitcoin sustainably towards $30,000,” said Sathvik Vishwanath, Co-Founder and CEO of Unocoin.

Rajagopal Menon, Vice President of WazirX said: “Major market oscillators are pointing towards a neutral sentiment. The Relative Strength Index (14), one of the key indicators, is at 49, with a neutral outlook. Stochastic %K (14, 3) , 3) ​​and the Average Directional Index (14) are 43 and 21 respectively, which further indicates a neutral market.”

“The MACD level (12, 26) at 120 indicates a sell. Stochastic RSI Fast (3, 3, 14, 14) is at 42 with a neutral indicator, while the Williams Percent Range (14) at -51 signals neutral,” he added Menon to.

Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 11.57 hrs, IST May 3, 2023)

Bitcoin $28,526 1.96%
Ethereum $1,861 1.87%
Tether $1.00 0.01%
BNB $323 -0.39%
XRP $0.4596 -1.03%
Cardano $0.3864 0.16%
Dogecoin $0.07842 -0.07%
Polygon $0.9705 1.38%
Solana $21.86 0.15%
Polka Dot $5.68 0.16%
Shiba Inu $0.000009951 0.61%
Litecoin $88.04 1.09%
Tron $0.06915 1.15%
(Note: Price change last 24 hours)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)