Bitcoin (BTC) has crossed a major psychological resistance, breaching $50,000 for the first time since the May crash. After consolidating below $49,000 overnight, BTC surged ahead in early hours and closed the day at $50,100 as of 9 am IST with a 2.7 per cent daily increase. In the last one month, BTC has rallied from $33,000 levels with a gain of more than 50 per cent.
Total crypto market cap reached $2.14 trillion on the back of BTC's surge with a 2.5 per cent gain today. Trade volumes, however, remained lower than $100 billion and registered a 7 per cent drop as BTC remained below $49,000 for most of the day. BTC's trade volumes declined by 21 per cent today though a surge is expected later today.
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BTC is likely to find support at $48,270 and $46,700 if a sell-off happens today while it will run into its next major resistance at $52,100.
Ethereum (ETH) continued to face tough resistance at $3,300 for most parts of the day and tested its $3,100 support multiple times. After Bitcoin’s breach of $50,000, ETH gained momentum to break the barrier as it rose to $3,330 levels with a 3 per cent gain today.
Cardano (ADA) led the altcoin growth story with a 11 per gain while trading at its all-time-high of $2.80, in anticipation of its listing in Japanese exchanges as well as its Alonzo update in September. All major altcoins turned green post BTC's rally today with a 2 to 4 per gain common among the top 20 club. BTC's dominance is now below 44 per cent.
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BTC is expected to take a step back in the next couple of days before it continues its rally towards $55,000. Key altcoins will continue to gain as BTC registers higher lows in this rally.
Top Gainers today:
- Telcoin (TEL): 27.5%
- Nano (NANO): 22.1%
- Avalanche (AVAX): 16.7%
Top Losers today:
- Algorand (ALGO): -4.6%
- NEAR Protocol (NEAR): -4.5%
- Waves (WAVES): -3.3%
The analysis includes the top 100 coins only as of 9 am IST
Source: CoinMarketCap
Crypto News at a Glance:
- Global payments platform Paypal has announced the launch of its cryptocurrency services in the UK allowing customers to trade Bitcoin, Bitcoin cash, Ethereum or Litecoin with as little as £1.
- Blockchain fintech firm XREX has raised $17 million in a Pre-Series A round led by a consortium of global investors from North America, Europe and Asia to expand its fiat currency portfolio and enter into partnerships with digital wallet providers.
- Leading crypto exchange Binance has roped in former CEO of Abu Dhabi Global Market Richard Teng to head the exchange’s operations in Singapore amidst scrutiny from regulators globally.
- Argentine footballer Lionel Messi has partnered with Australia-based digital artist BossLogic to launch his own non-fungible token (NFT) collection called “Messiverse” on Ethernity, an NFT platform.
- Australian entrepreneur and co-founder of product comparison website Finder, Fred Schebesta, has offered $5 worth of Bitcoin to all Australians who get their Covid-19 vaccination done.
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