The global cryptocurrency market consolidated further with a 3 per cent decline today to reach $2.0 trillion as of 9 am IST. Trade volumes across exchanges also exhibited a similar 3 per cent decline to $110 billion.
Ethereum dips 2.3 per cent; major altcoins suffer losses
The global cryptocurrency market consolidated further with a 3 per cent decline today to reach $2.0 trillion as of 9 am IST. Trade volumes across exchanges also exhibited a similar 3 per cent decline to $110 billion.
Bitcoin (BTC) traded sub-$48,000 after getting rejected at that resistance level for most of the day before closing at $46,900 - a decrease of 2.8 per cent from the previous day. Technically, BTC has broken down from a rising wedge on a daily time frame indicating further drops before it gets a relief rally. BTC trade volume remained at $33 billion for the day.
Most altcoins were in the red today with a bearish outlook - a trend observed from the increased dominance of BTC, which rose by 0.2 per cent to 44.2 per cent. Ethereum (ETH) dipped by 2.3 per cent to close at $3,090 after breaking its $3,100 support. ETH now faces resistance at $3,140 and $3,270 levels.
Only two coins among the top 20 cryptocurrencies (excluding stablecoins) registered a green daily candle – Solana (SOL), with a 13 per cent gain and Terra (LUNA), with a modest 0.3 per cent gain. Ripple (XRP), Dogecoin (DOGE), Chainlink (LINK) and Internet Computer (ICP) dropped by more than 5.5 per cent today.
SOL has gained substantially over the last one month from $27 to $80 levels, almost a 3x. This growth can be attributed to strong weekly inflows of $7 million plus into SOL based products from institutional investors.
As $2 billion worth options expire today, BTC must hold on to the key support level at $46,700 to keep a check on the downtrend with a lower support forming at $43,800. BTC faces its next resistance levels at $47,300 and $49,400. With most altcoins either in descending channels or in a downtrend, the market is likely to remain bearish over the weekend.
Top Gainers today:
Top Losers today:
The analysis includes the top 100 coins only as of 9 am IST
Source: CoinMarketCap
Crypto News at a Glance:
DISCLAIMER: Views expressed are the author’s own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.