Crypto Price Today: Bitcoin surges above $27,600; Toncoin, Polygon shed up to 3%
The crypto tokens were trading mixed in Thursday's trade. Bitcoin, BNB, Cardano, and Tron were trading with gains, while Ethereum, XRP, Solana, Toncoin, Polygon, and Dogecoin were trading with cuts. Bitcoin was up 0.65% at $27,624 as of 12:47 p.m., while Ethereum was below the $1,650 level.
"Bitcoin has been trading around the $27,700 level, possibly because of traditional markets calming down following a cooling US labor market," Edul Patel, CEO of Mudrex, said.
Ahead of the official US Non-farm payroll data this Friday, September's US Private Payroll data indicated a rise of 89,000 jobs instead of the projected 153,000 jobs.
Bitcoin's dominance is currently 49.68%, according to CoinMarketCap. Meanwhile, BTC volume stood at approximately $10.47 billion, falling 7.9% in the last 24 hours.
"Bitcoin is up 5% weekly and continues to consolidate above $27,500. As US treasury yields stay up, there is additional pressure on riskier assets including stock indices and crypto. Meanwhile, DXY, the dollar index, has retraced back below 107 giving hope for a short-term boost to crypto," Vikram Subburaj, CEO of Giottus Crypto...
Rajagopal Menon, vice president, WazirX on Bitcoin or Ethereum, which is a better choice of investment
For cryptocurrency traders perhaps one of the biggest challenges resides in selecting between Bitcoin and Ether. Reports from Investopedia, a financial media platform, include that currently Bitcoin and Ether are among the popular digital currency. As per CoinMarketCap, a crypto price-tracking platform, the current market value of Bitcoin stands at $28,425.16 (April 26, 2023, 08:40 am IST) and Ether stands at $1,868.09(April 26, 2023, 08:40 am IST).
Initially, both cryptocurrencies were made to store and preserve data in a secure manner. With time, people began to realise that more things could be done with the help of this programmable money. Vitalik Butalin, creator of Ethereum, realised that Bitcoin has limitations and so he created his own crypto Ether (ETH). Eventually, Ethereum opened a new way of working with digital currencies by using the working mechanism of Proof-of-Stake (PoS). In a conversation with FE Blockchain’s Poulami Saha, Rajagopal Menon, Vice President, WazirX, talks about currently which crypto is better to invest in. (Edited excerpts)