All top 10 cryptocurrencies excluding US dollar-pegged stablecoins have grown in the last 24 hours
Bitcoin surged forward in intra-day to $36,500 levels before losing most of the gains over the past 24 hours. Currently, it is trading just above $35,000 with a 2 per cent daily gain. Global crypto market cap today reached $1.43T, up 2 per cent, driven by modest growth across top cryptocurrencies.
Ethereum (ETH), the second-largest crypto, breezed past the $2,200 mark intra-day and is now trading back in $2,100 levels. The total crypto trade volume over the last 24 hours has increased by 13 per cent.
BTC (Bitcoin) has shown resilience despite the regulatory crackdowns in China and the UK. Although BTC is making inroads this week, its trade volume remains relatively flat signalling some weakness.
ETH has managed to maintain $2,100 levels flipping it to be short-term support. All top 10 cryptocurrencies excluding US dollar-pegged stablecoins have grown, although with less conviction with gains ranging from 2 per cent to 6 per cent in the last 24 hours. Ethereum Classic (ETC), a hard fork of ETH, has gained over 30 per cent given ETH’s surge in the last 2 days and has reclaimed its place among the top 20 coins.
Overall, growth in trade volume in the market signals confidence. With the current bullish sentiment, $38,000 augurs to the next resistance level for BTC. Depending on volume pickup as BTC moves towards the level, it can surge forward or pull back to current levels. Breaking the $42,000 level is key to deliver strong growth in altcoins over the next month.
Top Gainers today
Ethereum Classic (ETC): 31%
Qtum (QTUM): 17.1%
Bitcoin Gold (BTG): 16.8%
Top Losers today
Kusama (KSM): -12.3%
Celo (CELO): -6.1%
Theta Fuel (TFUEL): -3.7%
Source: CoinMarketCap as of 9 am IST; Analysis of top 100 coins only
Other Crypto News at a Glance
Chainalysis, a leading compliance provider in crypto, has estimated that Indian investments in cryptocurrencies have skyrocketed from about $923 million in April 2020 to nearly $6.6 billion in May 2021.
Digital asset exchange platform Crypto.com has partnered with global payment provider Circle to enable users in over 30 countries to deposit dollars in exchange for stablecoin USD Coin (USDC).
US senator Cynthia Lummis has encouraged people to save Bitcoin for their retirement. BTC has also managed to attract attention from top officials in the US such as the Mayor of Miami and Governor of Texas.
NFL quarterback Tom Brady and his wife Gisele Bündchen have announced that they will own equity in cryptocurrency derivatives exchange FTX.
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