Crypto Market Gains 3.5%, Bitcoin Looks Up

The global crypto market cap grew to $1.35T with a 3.5 per cent gain as of 9am IST today, driven by an increasing trade volume. The market showed signs of recovery even as US Federal Reserve chairman Powell suggested that the central bank will continue to provide monetary support to its citizens amidst record-high inflation. 

Bitcoin (BTC) continues to sit on critical support this week and has gained 2.8 per cent in the last 24 hours to $32,700 levels. As long as BTC stays above the support level of $32,400, it can possibly push BTC out of the woods to reclaim the $34,700 level. On the flip side, losing critical support exposes $30,000. BTC dominance rose moderately to stand at 46.3 per cent as the bulls stepped in to lend support to the market leader during this bearish phase. 

Ethereum (ETH) has gained 5 per cent from the previous day to close at $1,980. ETH, having flipped the $2,000 support level to resistance for the first time this month, will be hopefully testing it again today. ETH was quick to bounce from $1,880, steering clear of the significant support at $1,700, providing some relief to the rest of the altcoin market.

All the major cryptocurrencies, excluding the dollar-pegged stablecoins, registered small gains in the last 24 hours while Solano (SOL), a top 15 coin, rallied by 9 per cent. 

BTC will continue to be range-bound this week while investors hope to break the $35,000 resistance level before surging forward in upcoming weeks. Currently, the sideways movement signals a vital accumulation phase for investors.

 Top Gainers today: 

1. Axie Infinity (AXS): 34.0%
2. Enjin Coin (ENJ): 29.0%
3. Decentraland (MANA): 25.8%

 Top Losers today:

 Decred (DCR): -4.8%

1. Crypto.com Coin (CRO): -3.0%
2. Celsius (CEL): -2.2%

 The analysis includes the top 100 coins only as of 9am IST

 Source: CoinMarketCap

 Crypto News at a Glance: 

1. European Central Bank (ECB) is looking to design a digital euro that will be more efficient than Bitcoin and other cryptocurrencies. The ECB has suggested a two-year investigation phase for the digital euro project.
2. Global payment giant Visa is moving forward with its commitment to digital currency adoption by approving the issuance of a new Bitcoin (BTC) physical debit card in Australia in partnership with crypto-based spending app CryptoSpend.
3. Brazil’s securities regulator, CVM, has approved the listing of an Ethereum (ETH) exchange-traded fund (ETF) managed by QR Capital. Earlier this year, Brazil had approved two ETFs with Bitcoin and a basket of cryptocurrencies respectively.
4. Cryptocurrency wallet provider Phantom raised $9 million in series A fundraiser, led by venture capital firm Andreessen Horowitz, to launch a new multi-chain wallet for managing digital assets and accessing decentralized apps. 
5. Italian luxury brand Dolce & Gabbana revealed its first-ever Alta Moda NFT exclusive collection in partnership with luxury marketplaceUNXD. The project is powered by Polygon Network, a layer 2 Ethereum scaling solution, co-founded by Indians.

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