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.
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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.
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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
- Shibu Inu (SHIB): 22.2%
- Dogecoin (DOGE): 21.0%
- Qtum (QTUM): 11.0%
Top Losers
- Amp (AMP): -7.9%
- THORChain (RUNE): -7.1%
- BitTorrent (BTT): -7.0%
The analysis includes the top 100 coins only as of 10 am IST
[Source: CoinMarketCap]
Crypto News at a Glance
- 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.
- 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.
- 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.
- Paypal has posted over 100 job openings for global crypto experts including for its other divisions Xoom and Venmo.
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