Bitcoin and other crypto tokens were trading range-bound on Tuesday, with a negative bias. The digital asset market has been struggling with prolonged winter, regulatory actions and litigations over the last few weeks. However, macroeconomic signals will also have their say in the token markets.
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Bitcoin was trading flat, continuing to remain under selling pressure as the largest crypto tokens dropped slightly but managed to hold above $26,000-levels. However, Its largest peer, Ethereum, dropped about a per cent but retained above $1,650-mark. Price action in the altcoins was on the lower side.
After we saw the decline in Bitcoin in the last few days, its price is just managing to keep up above the $26,000 mark, and the market seems to have found psychological support just over the 1 trillion-dollar market capitalization. Furthermore, the crypto and fear index continues to remain in the fear zone with a score of 37/100, said Shubham Hudda, Senior Manager, CoinSwitch Markets Desk.
“A very interesting product on Coinbase’s layer 2 BASE, called friend.tech, has now been generating close to $1 million in 24 hours duration – making it the third most valuable Dapp within weeks of launching. The app lets Twitter or X.com users create an exclusive community where they can buy ‘keys’ of famous celebrities to get exclusive chat access with these celebrities,” he said.
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Barring the Litecoin and US dollar pegged USD Coin, all other top crypto tokens were trading lower on Tuesday. Shiba Inu crashed about 5 per cent, while Polygon tanked about 4 per cent. Cardano and BNB dropped 3 per cent each, XRP and Dogecoin shed 2 per cent each.
The global cryptocurrency market cap was trading quite lower, falling down to $1.05 trillion-mark as it dropped almost a per cent in the last 24 hours. However, the total trading volumes jumped as much as 31 per cent to $28.94 billion.
Tech View by WazirX Trade Desk
Travala.com is a leading booking service that embraces cryptocurrency, offering a vast selection of travel options across the globe, including hotels, homes, flights, tours, and activities. The AVA token serves as the gateway to web3 loyalty initiatives, furnishing users with advantages like reduced AVA payments, rewards through AVA loyalty programs, exclusive access privileges, and additional benefits.
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The AVA/USDT price gained nearly 7% during the course of a day. The daily trend has broken above the ascending triangle pattern with a surge in buying volumes. The next resistance is expected at 0.68 USDT and an immediate support is expected at 0.57 USDT.
