Crypto Market Soars to $1.82T, Ethereum Logs in 20% Weekly Gains

The global crypto market surged to a new monthly high today led by Bitcoin (BTC), Ethereum (ETH) and major altcoins mimicking BTC’s price action. The total market cap stood at $1.82 trillion as of 10 am IST with an increase of 3.7 per cent in the past 24 hours. The market cap is now moving towards the $2 trillion mark months after the mid-May crash. Trade volumes rose substantially by 21 per cent amid renewed confidence among investors and institutions.

BTC stands at a three-month high of $44,400 with a modest gain of 1.4 per cent. The volatility in BTC prices was evident in its mid-day drop to $42,700 level before reclaiming a positive candle for the day. BTC has overcome its 14-day RSI (at 70 per cent) at $44,270 and its resistance level at $43,990. BTC is heading towards the next resistance at $45,260, while its support stands at $40,690. BTC trade volumes have remained stable with a 0.6 per cent gain from the previous day. Whales, investors with at least 100 BTC in their portfolio, were active this week with a transfer of 111,290 BTC (worth $4.8 billion) between anonymous wallets. This might suggest some sell-off ahead given indications that the BTC network is in a state of net profit overall.

ETH’s trajectory, fuelled by the London hard fork, has been impressive through the week with the second-largest crypto gaining over 20 per cent in the past seven days. ETH broke past the $3,000 mark post noon yesterday and continued its momentum to close at $3,120 gaining a significant 5 per cent during the day. Its support levels are forming at $2,780 with the next resistance at $3,200.

Major altcoins rallied in the green today led by optimism in the broader market. Dogecoin (DOGE) was the star of the show with a 22 per cent increase. Ripple (XRP), Uniswap (UNI) and Internet Computer (ICT) registered significant gains of 6 to 10 per cent. Polkadot (DOT) and Solana (SOL), though, declined marginally by 3 to 4 per cent.

For the market to gain further in the upcoming week, BTC must sustain its rally and breach the $45,000 and $47,000 levels. However, analysts expect strong resistance from bears with a possibility of minor corrections.

Top Gainers

1. Shibu Inu (SHIB): 22.2%
2. Dogecoin (DOGE): 21.0%
3. Qtum (QTUM): 11.0%

Top Losers

1. Amp (AMP): -7.9%
2. THORChain (RUNE): -7.1%
3. BitTorrent (BTT): -7.0%

The analysis includes the top 100 coins only as of 10 am IST

[Source: CoinMarketCap]

Crypto News at a Glance

1. Marvel Entertainment, in collaboration with blockchain-based digital collectibles marketplace VeVe, is entering the blockchain world by releasing Spiderman based non-fungible tokens (NFTs) costing between $40 and $400 each soon.
2. Voyager Digital Limited, an US cryptocurrency broker, has acquired crypto payment platform Coinify in a deal valued at $84 million approx. The acquisition is a part of Voyager’s strategic plan to offer digital payments across the globe.
3. Post the EIP-1559 update, the Ethereum blockchain has burned about 36% of new coins issued in the first two days. However, oscillating block sizes and fees on the ETH blockchain continue to be a pain for users who aim to predict fees for future transactions.
4. Paypal has posted over 100 job openings for global crypto experts including for its other divisions Xoom and Venmo.