The global cryptocurrency market seems to have cooled post its recent rally to around $2 trillion, losing 2 per cent in the last 24 hours. Trade volumes across exchanges rose by 8 per cent as traders jumped in to book profits.
Ethereum drops more than 5 per cent; some altcoins enjoy double-digit growth while others end in the red
The global cryptocurrency market seems to have cooled post its recent rally to around $2 trillion, losing 2 per cent in the last 24 hours. Trade volumes across exchanges rose by 8 per cent as traders jumped in to book profits.
Bitcoin (BTC), after briefly touching the $48,000 level in the early hours yesterday, fell below $46,000 intra-day as bears offered strong resistance. However, BTC found support at $45,200 to retrace some of its losses and closed the day at $46,400, losing 2.5 per cent overall. It’s 200-day moving average at $45,500 will likely act as support. BTC trade volumes remained stable while its dominance is now below 44 per cent.
Ethereum (ETH) dipped by more than 5 per cent intra-day after failing to break the $3,300 resistance. It did have a perfect retest at the $3,150 support level and finished the day at $3,210. Investors will hope that ETH gathers momentum to test its $3,300 psychological resistance again this week.
Altcoins had a mixed day with a few shedding last week's gains while some enjoyed double-digit growth. Solana (SOL) emerged as the top performer with a 21 per cent gain while Polkadot (DOT) and Terra (LUNA) gained over 12 per cent in the last 24 hours. Ripple (XRP) and Stellar (XLM) lost more than 5 per cent.
BTC has formed an ascending triangle and needs a daily close above $46,500 to continue the uptrend whereas a close below could potentially bring $42,000 price levels to play.
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.