Crypto Market Hits $1.4T as Bitcoin Marches Past $34,000

The global cryptocurrency market cap gained marginally today to stand at $1.40 trillion in the morning hours. The renewed optimism in the market had crypto investors actively contributing to the market volume during the second half of the week.

Bitcoin (BTC), for the first time in almost two weeks, tested the resistance $34,500 level, continuing its relief rally for the fourth consecutive day. BTC ended the day near the $34,400 mark with a gain of 2.3 per cent in the last 24 hours. However, the trade volumes dipped by 14 per cent today. Propelled by Elon Musk’s bullish remarks earlier in the week, BTC’s brushed past its third resistance level at $33,650 with a new support level forming at $32,100.

Ethereum (ETH) continued to go uphill after successfully breaching the $2,000 level. ETH rallied towards $2,200 before closing at $2,160, registering a 1.5 per cent increase. Enthused investors, ahead of the EIP-1559 blockchain update, added further liquidity as exchanges saw a reasonable increase in trade volumes. ETH is nearing its next resistance level at $2,180, with the support level of $2,000 remaining untested.

Among the top 20 altcoins by market cap, Theta (THETA) led the green run by gaining 14 per cent over the day. Polkadot (DOT), Dogecoin (DOGE), Polygon (MATIC) and Cardano (ADA) gained marginally. Rest of the pack remained in the red, losing up to 5 per cent.

BTC continues to dominate with a 46.1 per cent share of market cap. On a weekly timeframe, BTC ended with a 7 per cent gain in spite of local lows at the start. Among the top 100 cryptocurrencies, Axie Infinity (AXS) registered a 107 per cent weekly gain followed by Telcoin (TEL) and Theta (THETA) at 61 and 34 per cent, respectively.

Analysts expect this momentum to continue in the upcoming week. Indicators suggest that BTC can possibly make a run towards the $40,000 level if it sustains above $34,000.

Top Gainers

1. Internet Computer (ICP): 22.4%
2. Telcoin (TEL): 18.3%
3. Theta (THETA): 14.5%

Top Losers

1. THORChain (RUNE): -7.3%
2. Axie Infinity (AXS): -6.4%
3. SushiSwap (SUSHI): -6.3%

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

[Source: CoinMarketCap]

Crypto News at a Glance

1. Stone Ridge Asset Management, a New York-based asset management company, has registered for a new Bitcoin fund with the US Securities and Exchange Commission. Stone Ridge had purchased 10,000 BTC as a part of its post pandemic investment strategy in October 2020.
2. Reddit, a leading social news aggregation website, has deployed a layer 2 rollup using Arbitrum technology to scale its Ethereum based community points system. Users on Reddit can earn community points by posting content to earn rewards.
3. Goldman Sachs, via its prime brokerage unit, is reportedly undertaking the clearance and settlement of cryptocurrency Exchange-Traded Products (ETPs) for a selected European clientele. ETPs are securities that are traded on exchange, much like equities and Exchange Traded Funds (ETFs), and track the performance of an underlying asset.
4. New Jersey’s state-managed Pension Fund has reportedly bought stakes above
   $3 million each in Bitcoin mining companies Riot Blockchain and Marathon Digital Holdings.
5. PayPal has roped in Jesse Spiro, former head of policy and regulatory affairs at Chainalysis, to work on the regulatory policy of their crypto wing.

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