At 11:26 am, Bitcoin was trading 0.65% higher at $43,016, while Ethereum was up 2.34% at $2,365. Other altcoins like BNB, Solana, DogecoinTron, Polkadot, Polygon and Litecoin rose to 3%. While XRPCardano, Chainlink, Toncoin, Shiba Inu and Internet Computer declined.
The cryptocurrency market remained stable, with ETH showing stronger performance compared to BTC, as indicated by the rise of the ETH/BTC pair, the CoinDCX research team said.
"BTC continued to float below the crucial resistance zone of $44,000-$45,000, remaining in a consolidation phase. ETH, on the other hand, approached the upper limit of its range at $2,380, currently remaining just below it. Also is above the 20 and 50 Exponential Moving Averages (EMA), which is a positive sign," CoinDCX said.
Meanwhile, CoinSwitch Markets Desk said: "Ethereum (ETH) has shown strength over the past 24 hours as it hit its 16-day high with its upper layer 2s like OP and ARB following suit. This could also be an indication of a layer 2 rally that could come if ETH pumps more from here. โTotal volume in DeFi is currently $3.87 billion, 8.48% of the total 24-hour volume of the crypto market. The volume of all stablecoins is now $41.83 billion, representing 91.65% of the total 24-hour cryptocurrency market volume, according to data available on CoinMarketCap. In the last 24 hours, the market capitalization of Bitcoin, the world's largest cryptocurrency, rose to $842 billion. Bitcoin dominance is currently 51.04%, according to CoinMarketCap. BTC volume in the last 24 hours decreased by 5% to $17.2 billion. "BTC is currently consolidating above the $42,500 support zone. However, it remains below the $43,500 resistance level, indicating a possible lack of momentum for a significant upward move. A close below the support may generate bearish momentum," said Edul Patel, CEO of Mudrex.
Sathvik Vishwanath, co-founder and CEO of Unocoin, said: "Technical analysis shows that Bitcoin is facing resistance at $42,895 and support at $41,444, with the RSI indicating balance and the MACD indicating bearish pressure. Overall, the market's cautious stance "Bitcoin suggests optimism above $42,200, indicating potential bullish momentum if it holds or breaks through."
(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. They do not represent the views of The Economic Times)
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