Bitcoin and Ethereum show price uptick, crypto market shows mixed sentiment

Crypto market overview: In the last 24 hours, Bitcoin and Ethereum have shown some improvement in their prices with Bitcoin gaining 0.7 per cent while Ethereum gaining more than 1.18 per cent. Despite major in-flows of assets in the market yesterday, larger crypto sentiment remained volatile with some-gaining, some-losing crypto token reactions. 

With price improvements in Bitcoin and Ethereum, the Crypto Fear and Greed index gained 2 points, currently at 46, close to the neutral zone. 

Crypto Fear and Greed Index | Image credit: Alternative.me

Talking about the crypto market movement, Shubham Hudda, Senior Manager, CoinSwitch Markets Desk said, “Bitcoin in the last 24 hours, showed a small pump, breaking over $26,500 for a brief period before facing resistance at its 50-day Exponential Moving Average (50EMA). The markets are calling for a $30,000 level for BTC soon. However, a support level at $26k has to be maintained to expect an upside movement in the short term.

Rajagopal Menon, VP, WazirX said, “Bitcoin and Ethereum recovered over the last 24 hours, signalling positive momentum in the market. In the United States, the potential government shutdown poses a challenge to the Federal Reserve's interest rate plans, potentially necessitating a reevaluation of their approach. The market oscillators for Bitcoin continue to be neutral. 

Talking to Republic, Sudeep Saxena, Co-Founder, Coin Gabbar said, “Despite the S&P 500 declining to a three-month low and the US dollar index (DXY) reaching a new year-to-date high, Bitcoin has maintained its position above the $26,000 mark.”

Edul Patel CEO and Co-Founder Mudrex, “The price of Bitcoin is presently above the $26,300 level. This uptick coincides with the US dollar index (DXY Index) recently reaching a fresh 10-month high of 106.48. Meanwhile, Ethereum has been trading around the $1,600 range. Additionally, Ethereum has achieved a significant milestone, surpassing $10 billion in revenue in just seven years.

Shivam Thakral, CEO of BuyUcoin said, “BTC and ETH witnessed marginal fluctuation in their value and are currently trading at $26,330.60 and $1,603.02 levels respectively. The rate hike fears may keep traders away from riskier assets for some time but the situation may change if macroeconomic factors turn favourable.”

Prices listed were last checked at 11:00 am today according to Coinmarketcap.com

Crypto market in last 24 hours

Bitcoin is currently trading at $26,368 with around 0.8 per cent gains in the last 24 hours while Ethereum is changing hands at $1,612 with an overall gain of 1.38 per cent. The gains have brought mixed sentiments in the market as the other leading crypto tokens including XRP, BNB, Cardano, Polygon, and Litecoin trading in red. While Toncoin and Solana showed significant gains, Dogecoin prices remained stable. 

On the other hand, the (in)famous coin Terra LUNA or LUNA2 has been pumping. This price action is being attributed to LUNA’s community passing a proposal that makes them move away with the minting of new USTC stablecoins, which was the supposed-to-be stable coin of the Terra Luna ecosystem, UST. This is happening in the wake of LUNA founder Do Kwon's lawyers having replied to his extradition request from the United States authorities.