Crypto Price Today: Bitcoin drops below $27,500; Polygon, Solana shed up to 3%
New Delhi: Most of the cryptocurrencies were trading in the red on Monday. Bitcoin (BTC) fell 0.44% to $27,477, whereas Ethereum (ETH) was below the $1,850 level.
“The latest dip in Bitcoin can be seen as a price correction after the mini bull run.
The healthy pullback means that BTC has more potential for growth if macroeconomic factors turn favourable.
The crypto market is expected to remain stable in the coming weeks if there are no surprising news headlines,” Shivam Thakral, CEO of BuyUcoin, said.
Other top crypto tokens were also trading lower. BNB, XRP, Cardano, Dogecoin, Polygon and Polkadot declined up to 3%.
The global cryptocurrency market cap was trading lower around $1.16 trillion, falling 0.73% in the last 24 hours.
The market cap of Bitcoin, the world’s largest cryptocurrency, was around $531 billion.
BTC volume stood at approximately $13.98 billion, rising 6.87% in the last 24 hours. Bitcoin’s dominance is currently 45.93%, an increase of 0.19% over the day, according to CoinMarketCap.
“Bitcoin has seen a 10% decline over the past three days due to liquidation of long positions and a break of key support in the $29,000 area. Hotter-than-expected US Economic Survey data and UK inflation data pushed US yields higher, weighing on low-yielding crypto assets like Bitcoin,” Sathvik Vishwanath, Co-Founder & CEO of Unocoin, said.
Rajagopal Menon, Vice President at WazirX said, “Major market indicators point towards a Buy sentiment.
The Relative Strength Index (14), one of the key indicators, sits at 45, with a neutral outlook.
The Stochastic %K (14, 3, 3) and the Average Directional Index (14) is at 15 and 29, respectively, further indicating a ‘buy’ and ‘Neutral’ market.
“The MACD Level (12, 26) at 126 indicates a sell. The Stochastic RSI Fast (3, 3, 14, 14) is at 12 with a Neutral indicator, while the Williams Percent Range (14) at −85 signals Buy,” Menon added.
Bitcoin $27,477 -0.44%
Ethereum $1,841 -1.44%
Tether $1.00 -0.04%
BNB $329 -0.35%
XRP $0.4665 -0.83
Cardano $0.3857 -1.46%
Dogecoin $0.07886 -1.54%
Polygon $0.9939 -2.88%
Solana $21.23 -2.79%
Polkadot $5.92 -0.30%
Shiba Inu $0.00001028 -1.42%
Litecoin $87.28 0.65%
Tron $0.06601 -0.40%
By:ET
