Bitcoin Price: Top Cryptocurrency Prices Today: Bitcoin, Dogecoin, Ethereum Rebound. That’s what tech charts suggest
NEW DELHI: Digital currencies rebounded Tuesday, making up for some of the losses in a weekend sell-off triggered by renewed signs of Chinese crackdown on emerging markets. Bitcoin, the largest cryptocurrency by market value, held on to rebound from the weekend decline.
The digital token market held up after losing $ 830 billion last week as policy makers stepped up their response to the popularity and volatility of cryptocurrencies. Despite Tuesday’s rebound, crypto tokens are 40 percent below their recent highs.
The main catalyst behind Sunday’s slump were cryptocurrency miners – who shape cryptocurrencies by using powerful computers to solve complex math puzzles – and halting Chinese operations amid increasing regulatory scrutiny.
Bitcoin most recently rose 7 percent to around $ 37,600, offsetting losses of 7.5 percent from the previous day, but still more than 40 percent from a record high last month.
Ethereum, the second largest cryptocurrency, rose nearly 19 percent to $ 2,491 after falling more than 8 percent to a two-month low on Sunday. Ether has fallen nearly in half from a high earlier this month.
“The general crypto markets saw a strong recovery with total market capitalization up to 10 percent. A lot seems to be being bought in the west and Bitcoin and other coins are also offering strong support. The rebound is yet another sign “that we are entering the consolidation phase and markets will be sectoral until Bitcoin breaks the psychological barrier of 45,000,” said Edul Patel, CEO and co-founder of Mudrex
The crypto markets have been quite volatile for the past two weeks. Several virtual currencies other than Bitcoin have seen big rallies after last week’s crash. Two altcoins that have almost doubled since early Monday morning are Polygon (MATIC) and Maker (MKR). Both saw over 100 percent growth as the markets began to recover.
On May 25th at 9:50 a.m., these are the prices of the 10 largest cryptocurrencies by market capitalization (data from coinmarketcap.com):
Bitcoin: $ 38,347.15, 9.12 percent more per
Ethereum: $ 2,601.79, up 21.49 percent
Tether: $ 1.00, unchanged
Binance Coin: $ 340.06, up 23.79 percent
Cardano: $ 1.53, up 12.17 percent
XRP: $ 0.9767, up 23.12 percent
Dogecoin: $ 0.3463, up 13.67 percent per
USD coin: USD 1.00, 0.1 percent less
Polkadot: $ 21.59, up 18.74 percent
Internet Computers: $ 143.38, up 0.76 percent
Tech View from ZebPay Trade Desk
Maker charts broke out after the consolidation. Within a month, the asset hit an all-time high of $ 6,931, rising nearly 181 percent. A sharp correction followed, with the price plummeting nearly 71 percent to hit a low of $ 1,832.
Technically, Maker has found support at the 78.6 percent Fibonacci retracement level and the candle has left a longer lower shadow, indicating buying at lower levels. In order for the asset to continue rising, it must break through and hold the $ 5,017 resistance level.