Crypto Analyzer

Crypto Price Today: Bitcoin trades near $42,800; Polygon, Toncoin shed up to 4.5%

## Cryptocurrency Market Update: Bitcoin Trading Near $42,800 as Altcoins Dip

In the latest crypto market update, Bitcoin is hovering around $42,800 with minor fluctuations in its price. The second most popular token, Ethereum, is trading lower at $2,529. The overall cryptocurrency market cap has dipped slightly to approximately $1.68 trillion, reflecting a 0.63% decrease in the last 24 hours.

According to experts like Shivam Thakral, CEO of BuyUcoin, if Bitcoin manages to close above $43,000 this week, we may expect a healthy surge in its price in the upcoming weeks. On the other hand, ZebPay Trade Desk noted a drop in Bitcoin price, attributed to US investors shifting towards institutional investment products after the approval of spot ETFs. This led to significant long liquidations totaling over $27 million, with Bitcoin accounting for the majority.

Altcoins such as Polygon and Toncoin experienced declines of 3% and 4.5%, respectively, while other major cryptocurrencies like BNB, XRP, Dogecoin, Polkadot, Chainlink, Internet Computer, and Shiba Inu also registered losses. The DeFi market is seeing a volume of $4.96 billion, comprising 9% of the total crypto market’s 24-hour volume. Stablecoins, on the other hand, represent $50.67 billion in volume, making up 92.02% of the total crypto market 24-hour volume.

Bitcoin’s dominance currently stands at 49.83%, with a 15% drop in volume over the last 24 hours to $20.3 billion. Analysts like Vikram Subburaj, CEO of Giottus, suggest that Bitcoin is consolidating above $42,500 and might retest the critical $44,000 level. CoinDCX highlighted a bullish technical indicator with the 50-week simple moving average crossing above the 200-week SMA for the first time in history, although mixed signals persist due to recent price action.

In conclusion, while Bitcoin remains steady around $42,800, the market is closely watching key support levels and resistance targets for both Bitcoin and Ethereum. Traders and analysts are keeping a close eye on price movements and technical indicators for potential upcoming market trends and price actions.

(Note: All statements and views mentioned in this article are based on the opinions of experts and do not necessarily reflect the views of The Economic Times.)