Crypto Price Today: Bitcoin, Avalanche, others fall up to 4.5%. Solana, Tron jump by up to 7%

Altcoins that were trading in the green around this time included Solana, Toncoin, Cardano, and Tron (2.4%).

Among the altcoins that were trading in the red were Toncoin and Tron which were down by up to 0.26%.

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“Bitcoin has been under downward price pressure due to the upcoming release of a large amount of BTC from Mt. Gox and planned sales by government bodies. These events could lead to billions of dollars of potential selling. In times like these, the market takes a cautious approach and liquidity goes low,” Nischal Shetty, CoFounder, Shardeum said.

Shetty’s advice to long-term investors in Bitcoin is to not worry too much about the short-term liquidity issues and instead focus on the larger goal. “Times like these are tests for digital assets and Web3. Every time such events take place, the outcome is a far stronger and wiser ecosystem,” he added.

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Source: CoinMarketCap

The lackluster trade on Tuesday is also on account of key macro events in the US weighing on the market sentiments.

Decoding the technicals, Vikram Subburaj, CEO at Giottus Crypto Platform said that Bitcoin has recovered from last week’s slump and is currently trading just below $63,000. “Given favorable readings of the RSI (61) and stochastic (75) levels, we anticipate Bitcoin to perform well this week. While $63,850 acts as the next resistance, a clear move above $65,000 might trigger a steady rally,” Subburaj.

While Avalanche was down over 4% today, it has been the best performer in the pack delivering returns of nearly 13%. Solana is another star performer with 9% returns. It has been on the up since asset manager VanEck’s filed for the first Solana (SOL) ETF in the US. This follows closely on the heels of a similar Solana ETF launch in Canada just six days prior.

While Bitcoin volume has remained stable, Mt. Gox’s BTC repayments this month could lead to short-term volatility.

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