Cryptocurrency price

Cryptocurrency price today: Top cryptocurrency prices today: Bitcoin near $44,000; XRP, Shiba Inu, Ethereum zoom up to 20%

New Delhi: The cryptocurrency market was trading higher on Tuesday thanks to strong volumes. Short-term holders have made decent gains lately as the biggest crypto token has climbed over 12% since Friday.

In the broader cryptocurrency market, the prices of most tokens have also risen. Altcoins have outperformed the behemoths over the past few trading sessions.

With the exception of the dollar-pegged USD coin, the other nine of the top 10 digital tokens were trading with decent gains on Tuesday. Bitcoin hit a four-week high, climbing for back-to-back sessions lately, in part due to the liquidation of some short positions that built up in the virtual currency’s recent three-month downtrend.



XRP zoomed 20%, while Shiba Inu rebounded 15%.

The global crypto market cap jumped around 3% to hit the $2.01 trillion mark again. Additionally, the total crypto market volume soared around 45% to $94.98 billion.

What’s cooking in India
Crypto industry players have released financial products on the asset. Crypto exchange CoinSwitch on Monday launched a Recurring Purchase Plan (RBP) – a Systematic Investment Plan (SIP) for purchasing crypto assets in India.

Meanwhile, the government’s decision to tax cryptocurrency transactions by levying a withholding tax is expected to trigger another tax complication in the form of an equalization levy for crypto exchanges, tax experts have said. .

Nithin Kamath, CEO and co-founder of Zerodha, said that with the 1% Withholding Tax (TDS) implemented from July 1, crypto volumes in India will fall off the cliff.

Expert grip
Bitcoin has hovered above the $44,000 level and the second largest cryptocurrency, Ethereum, is holding over $3,000. The two continued the winning streak for another straight day, said Edul Patel, CEO and co-founder of Mudrex.

“Top altcoins are also operating in the green. XRP, Polygon, Shiba Inu and Gala have seen more than decent growth,” he added. “Bitcoin’s initial resistance is between $45,000 and $47,000, and the support price holds at US$40,000.”

Global Updates

  • Tesla Inc said the fair market value of the electric vehicle maker’s bitcoin holdings as of December 31 was $1.99 billion. Tesla had invested $1.50 billion in bitcoin last year, said it incurred about $101 million in writedowns last year.

  • Polygon, a secondary scaling solution for the Ethereum blockchain, has raised $450 million in a funding round led by Sequoia Capital India to support the company’s Web 3 plans.

  • Mitsubishi UFJ Trust is set to issue a stablecoin as a means of payment to enable instant settlement of securities transactions, according to a report from Nikkei.

  • North Korea used stolen crypto funds to help fund its missile development program, Reuters said, citing a report prepared for the United Nations.

Technical view by Giottos Crypto Exchange
Aave is a very popular non-custodial DeFi protocol based on Ethereum. It allows users to lend and borrow cryptocurrencies from each other and earn/pay interest on these transactions. This is a prime example of the capabilities of decentralized finance, and this is quite evident in the performance of the AAVE token.

AAVE is up nearly 50% from its recent low near $120 in January. This sent him to the edge of a fairly wide descending wedge that he has been forming throughout this year. This can act as a significant resistor.

AND CONTRIBUTORS

However, once overcome, the immediate resistances at $194 and $214 may be easy to clear, leaving the golden pocket of the decline between $241 and $234.

Bitcoin, after experiencing a strong rally, may soon see a pullback. This can take AAVE down to the $170 support level, and deeper at $163 and $156. Longer term though, AAVE remains an attractive investment opportunity, with its all-time high near $650 still a good 3.5x ahead of it.

Main levels
Support: $170, $163, $157

Resistance: $194, $214

(The opinions and recommendations given in this section are those of the analysts and do not represent those of ETMarkets.com. Please consult your financial advisor before taking a position in any assets mentioned.)