Crypto Price Today: Bitcoin holds above $28,500; Ethereum, Polygon rise up to 2%

Ahead of the Federal Reserve's interest rate decision scheduled later in the day, the cryptocurrency markets were trading higher in Wednesday's trade. Bitcoin (BTC) rose 1.96% to $28,526, whereas Ethereum (ETH) was above the $1,850 level. BTC volume in the last 24 hours stood at approximately $16.17 billion, rising 1.78% in the last 24 hours.

“Bitcoin rose nearly 2% in the past 24 hours following the Job Openings and Labor Turnover Survey (JOLTS) data. The data showed that job openings in the US declined to 9.6 million in March, below expectations of 9.775 million and their lowest since April 2021,” Edul Patel, Co-founder and CEO at Mudrex, said.

"Additionally, investors and traders may be making early moves in anticipation of the US Federal Reserve's decision on interest rate hikes. Similarly, Ethereum traded at the US$1,850 level and made movements following BTC," Edul added.


The global cryptocurrency market cap was trading higher around $1.17 trillion, rising 1% in the last 24 hours.

The total volume in DeFi is currently 2.50 billion, 7.21% of the total crypto market 24-hour volume. The volume of all stablecoins is now $32.02 billion, which is 92.45% of the total crypto market 24-hour volume.
The market cap of Bitcoin, the world's largest cryptocurrency, was around $551 billion. Bitcoin’s dominance is currently 46.92%, an increase of 0.25% over the day, according to CoinMarketCap.

"In the short term, the escalating banking crisis, the US economic outlook and monetary policy will affect the price of Bitcoin. Currently consolidating in the $27,000-$31,000 range, further US bank collapses may increase safe-haven demand and push Bitcoin sustainably towards $30,000," Sathvik Vishwanath, Co-Founder & CEO of Unocoin, said.

Rajagopal Menon, Vice President at WazirX said, "Major market oscillators point toward a Neutral sentiment. The Relative Strength Index (14), one of the key indicators, sits at 49, with a neutral outlook. The Stochastic %K (14, 3, 3) and the Average Directional Index (14) is at 43 and 21, respectively, further indicating a Neutral market."

"The MACD Level (12, 26) at 120 indicates a Sell. The Stochastic RSI Fast (3, 3, 14, 14) is at 42 with a Neutral indicator, while the Williams Percent Range (14) at −51 signals Neutral," Menon added.

Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 11.57 hours, IST on May 03, 2023)

Bitcoin $28,526 1.96%
Ethereum $1,861 1.87%
Tether $1.00 0.01%
BNB $323 -0.39%
XRP $0.4596 -1.03%
Cardano $0.3864 0.16%
Dogecoin $0.07842 -0.07%
Polygon $0.9705 1.38%
Solana $21.86 0.15%
Polkadot $5.68 0.16%
Shiba Inu $0.000009951 0.61%
Litecoin $88.04 1.09%
Tron $0.06915 1.15%
(Note: Price change in last 24 hours)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)