The global cryptocurrency market remained at the $2.1 trillion mark today as the 1 per cent growth logged in by Bitcoin (BTC) was negated by a pullback among major altcoins. Trade volumes across exchanges suffered a 5 per cent decline today.
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The global cryptocurrency market remained at the $2.1 trillion mark today as the 1 per cent growth logged in by Bitcoin (BTC) was negated by a pullback among major altcoins. Trade volumes across exchanges suffered a 5 per cent decline today.
BTC breached the $49,000 level earlier in the day and zoomed towards its psychological resistance at $50,000 before retracting and closing the day at $49,100 early in the day, an increase of 1 per cent today. BTC trade volume remained constant at $36 billion for the day. BTC’s dominance increased mildly and crossed 44 per cent. BTC’s weekly gains are at 4.7 per cent.
Ethereum (ETH), the second largest cryptocurrency, continues to be rejected at the $3,300 resistance level for the eighth consecutive day. ETH closed the day at $3,230 with a modest drop of 1.8 per cent and is expected to hold its support level of $3,100 in case of further declines in the weekend. On a weekly timeframe, ETH has dropped by 0.4 per cent.
Among top 20 cryptocurrencies, only BTC and Litecoin (LTC), with a 2.2 per cent increase, registered gains. Terra (LUNA), Polkadot (DOT) and Solana (SOL) experienced corrections of more than 5 per cent today. On a weekly basis, SOL and LUNA have enjoyed more than 60 per cent gains.
Having secured a daily close above $49,000, BTC looks to capitalize on the momentum to test $50,000 in the upcoming week. Altcoins will grow substantially if BTC holds $50,000 as support.
Top Gainers
Top Losers
[The analysis includes the top 100 coins only as of 10 am IST]
Source: CoinMarketCap
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