With a display of some nervous greens, the broader crypto market recovered modestly to close at $1.31 trillion market cap, gaining 3 per cent as of 10am IST. However, the total market trade volume continued its decline, losing by 10.9 per cent today, underscoring lack of confidence. The overall sentiment is mixed, with major cryptocurrency exchanges recording a dip in their volumes during this quick recovery. Bitcoin (BTC) dominance as share of the market cap reduced a bit to 45.9 per cent as altcoins registered higher gains through the day.
BTC has bounced back over the $32,0000 mark, gaining 2.4 per cent from the previous day. On a weekly timeline, BTC registered a dip of 4 per cent after beginning strong around the $34,000 mark. Bulls came into action once again to push BTC prices to close $32,100 as the day ended. The first resistance level at $32,360 and support levels at $31,200 and $30,550 remain untested. This lull in the BTC prices is attributed to the anticipation of Greyscale Bitcoin Trust (GBTC) shares being unlocked today.
Advertisement
Ethereum (ETH) finally ended its losing streak to close at the $1,980 levels after gaining a significant 5.2 per cent. ETH steered clear of the support levels at $1,850 and needs to maintain above $1,800 level to gain momentum in the coming week.
After days of showing red, it was a positive day for the major altcoins. While Dogecoin (DOGE), backed by Musk’s tweet, greenlighted its way up by 11 per cent, Polkadot (DOT), Uniswap (UNI), Polygon (MATIC) and Cardano (ADA) among others registered gains of 3-7 per cent.
Top Gainers
- Dogecoin (DOGE): 11.2%
- SushiSwap (SUSHI): 10.3%
- KuCoin Token (KCS): 10.1%
Top Losers
Advertisement
- NEM (XEM): -9.7%
- Revain (REV): -7.4%
- Basic Attention Token (BAT): -6.0%
[The analysis includes the top 100 coins only as of 10am IST]
Source: CoinMarketCap
Crypto News at a Glance
- Chinese crypto community and information provider Bishijie has been shut down by Chinese regulators on the grounds of violating central bank regulations.
- Revolut, a crypto-friendly digital banking application, has raised $800 million in a fundraiser led by Tiger Capital and SoftBank. Revolut, now valued at $33 billion, is one of the largest fintech unicorns from Europe.
- Alibaba’s e-commerce site Taobao will host Non-Fungible Tokens (NFTs) by Near Protocol during the Maker Festival this year in close collaboration with Web3 Games and Chinese Artist Heshan Huang.
- After a flurry of recent tweets on Dogecoin (DOGE), Elon Musk enthused his followers to continue to hold the cryptocurrency, causing its prices to shoot up by more than 16 per cent intra-day.
DISCLAIMER: Views expressed are the author's own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.
