Today’s Crypto Prices: Bitcoin remains at $27,500; Ethereum surpasses $1,600; Altcoins experience losses
Bitcoin and Other Cryptos Bleed as US 10-Year Yield Spikes
In the early trading session on Tuesday, the cryptocurrency market saw Bitcoin and other major tokens bleeding as the US 10-year yield spiked to its highest level in more than 16 years. The much-anticipated ether futures exchange-traded funds (ETFs) also failed to capture the interest of investors, as low volumes were reported on their first day of trading.
Bitcoin Dips, Ethereum Tumbles
Bitcoin, the largest cryptocurrency, experienced a 2% drop but managed to hold at the $27,500-level, while Ethereum, its largest peer, tumbled about 4% to barely hover above the $1,600 mark. The action in the altcoins signaled weakness across the board.
Bitcoin’s Volatility and Market Volumes
Bitcoin briefly broke above the extremely important resistance of $28,500, the 50-day Exponential Moving Average (50 EMA), before falling back to around $27,500. This volatility led to the market seeing its highest volumes in more than a month, according to Shubham Hudda, Senior Manager of the CoinSwitch Markets Desk.
Crypto Tokens Trading Lower
All top crypto tokens were trading lower on Tuesday, with Toncoin tumbling about 5%, Shiba Inu diving 4%, Polkadot and Litecoin declining 3% each, and Tron, Dogecoin, Shiba Inu, and Solana shedding more than 2% each.
Global Cryptocurrency Market Cap and Trading Volumes
The global cryptocurrency market cap dropped to $1.09 trillion, marking a decline of as much as two per cent in the last 24 hours. However, the total trading volumes rallied about 30 per cent to $43.71 billion.
Tech View by WazirX Trade Desk
The Trade Desk at WazirX provided a tech view on RenderToken (RNDR), a decentralized GPU rendering network operating on the Ethereum blockchain. RNDR aims to link artists and studios seeking GPU computational resources to mining partners who are open to leasing their GPU capacities.
Chart Analysis of RNDR/USDT
Analysis of the RNDR/USDT trend on the daily time-frame showed a decline since June of 2023, breaking out of the descending triangle pattern and edging above its 20-day moving average. The daily RSI also indicated a strong price momentum, with the next resistance expected at 1.86 USDT and an immediate support expected at 1.7 USDT.
The views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. It is advisable to consult a financial adviser before making any decisions.
Other Related News
Read more about stock recommendations by share market analysts and the top 10 stocks to watch on October 3, 2023 on Business Today.
I have over 10 years of experience in the cryptocurrency industry and I have been on the list of the top authors on LinkedIn for the past 5 years. I have a wealth of knowledge to share with my readers, and my goal is to help them navigate the ever-changing world of cryptocurrencies.
