The global crypto market retracted to $1.60 trillion after dropping 3.5 per cent today post a 11-day rally. Investors continued to be optimistic, though, and sensed a ‘buy’ opportunity as trade volumes soared by 9 per cent across exchanges.
Ethereum loses by 0.8 per cent; major altcoins flash red
The global crypto market retracted to $1.60 trillion after dropping 3.5 per cent today post a 11-day rally. Investors continued to be optimistic, though, and sensed a ‘buy’ opportunity as trade volumes soared by 9 per cent across exchanges.
Bitcoin (BTC), amidst strong bullish sentiments, faced corrections at the start of the week to fall by 6 per cent as of 9 am IST to close at $39,700. BTC remained above the $41,000 threshold for the better part of the day but was pulled down by the bears in the early hours on Monday. BTC might test its first support at $39,000 soon if it maintains its downtrend. BTC trade volume across exchanges increased by over 7 per cent.
Ethereum (ETH) lost marginally by 0.8 per cent and sustained its previous week's gains. It closed at $2,560 just ahead of its resistance level at $2,530. Its support levels are forming at $2,330 and $2,250.
Major altcoins flashed red today with Polygon (MATIC), Stellar (XLM) and Theta (THETA) losing 5-7 per cent in the last 24 hours while others registered moderate declines between 3-4 per cent.
Investors will expect BTC to bounce back from its current support towards $42,000 levels this week and test out its 20-week moving average later. ETH’s hard fork going live on August 4 should continue to drive momentum in the broader altcoin market if BTC holds its position.
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:
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