© Provided by Business Today Today's Crypto Price: Bitcoin Below $24,000; Shiba Inu, Avalanche, Solana each drop 5%After a strong rally the day before, the crypto market gave back some gains on Friday after inflation figures in the world's largest economy spooked traders. The US Federal Reserve's monetary policy and the crypto industry's own concerns should guide the markets in the short term.
Bitcoin briefly touched $25,000 on Thursday, which was its highest level in six months before dipping below $24,000. The dips came after the release of an unexpected rise in Producer Price Index data ( PPI) from the US, which showed the US failed to rein in rising prices in February, said Edul Patel, co-founder and chief executive of Mudrex.
"Despite these setbacks, BTC rallied 73% from last month's low. Ethereum followed a similar pattern, breaking above $1,700 before falling back to $1,600. Investors became increasingly concerned about inflation and the inflation after the publication of the PPI data for monetary policy," he said.
Bitcoin topped $24,000 as the largest crypto token fell more than 3% in the last 24 hours. Its biggest competitor, Ethereum, managed to stay above $1,650 even as the token fell 2%. The pain between the different altcoins is severe.
With the exception of stablecoins and US dollar-pegged Polygon, all other major crypto tokens are trading in the red. Solana, Tron, Avalanche, and Shiba Inu each lost 5%, while Dogecoin and BNB rose 4% each. Polygoin, the only altcoin gainer, is up more than 4%.
The global cryptocurrency market capitalization is trading heavily at $1.09 trillion, down 3% over the past 24 hours. However, total transaction volume increased by more than 13% to nearly $81.11 billion.
Cryptographic update
The uncertain future of Binance's USD stablecoin is causing friction in the dollar-pegged crypto market, which could hasten a dramatic reordering of the sector's big winners and losers, according to an analyst.
Analysis by Binance Research has revealed that a significant minority of Ether holders who have invested their ETH in the Ethereum Beacon chain for the past three years are making money, while the rest are under water.
The crypto market is dealing with the “Alameda Gap” with several projects delaying their token launch plans due to a lack of liquidity despite rising bitcoin and ether prices.
Note: Prices have changed in the last 24 hours
© Provided by Business TodayTechnical view of Giotto's crypto platform
Ethereum (ETH) is currently trading around $1,660 after gaining 7% over the past week. ETH briefly claimed a macro pocket of gold at $1,702 yesterday, trading at a five-month high.
© Provided by Business TodayDespite struggling to hold its price overnight, ETH is still in a good position to test its next major resistance at $2,000 as long as the current level holds. However, trading well below the $1660 level over the longer term could send the message that this is a failed momentum move that the market rejected.
It was ETH's overbought RSI (near 80) and the 50-day and 200-day moving averages (both near $1,450) that may have forced an immediate correction. However, consolidation at current levels can certainly add fuel to the next move.
what level
Resistance: $1662, $1700, $2000, $2027
Support: $1600, $1550
(Opinions and recommendations contained in this section are those of analysts and do not represent Business Today. Please consult your financial advisor before taking a position in any of the listed assets or assets.)
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