Ethereum drops more than 5 per cent; some altcoins enjoy double-digit growth while others end in the red
The global cryptocurrency market seems to have cooled post its recent rally to around $2 trillion, losing 2 per cent in the last 24 hours. Trade volumes across exchanges rose by 8 per cent as traders jumped in to book profits.
Bitcoin (BTC), after briefly touching the $48,000 level in the early hours yesterday, fell below $46,000 intra-day as bears offered strong resistance. However, BTC found support at $45,200 to retrace some of its losses and closed the day at $46,400, losing 2.5 per cent overall. It’s 200-day moving average at $45,500 will likely act as support. BTC trade volumes remained stable while its dominance is now below 44 per cent.
Ethereum (ETH) dipped by more than 5 per cent intra-day after failing to break the $3,300 resistance. It did have a perfect retest at the $3,150 support level and finished the day at $3,210. Investors will hope that ETH gathers momentum to test its $3,300 psychological resistance again this week.
Altcoins had a mixed day with a few shedding last week’s gains while some enjoyed double-digit growth. Solana (SOL) emerged as the top performer with a 21 per cent gain while Polkadot (DOT) and Terra (LUNA) gained over 12 per cent in the last 24 hours. Ripple (XRP) and Stellar (XLM) lost more than 5 per cent.
BTC has formed an ascending triangle and needs a daily close above $46,500 to continue the uptrend whereas a close below could potentially bring $42,000 price levels to play.
Top Gainers today:
- Audius (AUDIO): 105.4%
- Solana (SOL): 22.2%
- Fantom (FTM): 20.3%
Top Losers today:
- Qtum (QTUM): -6.4%
- XinFin Network (XDC): -6.3%
- Ripple (XRP): -5.9%
The analysis includes the top 100 coins only as of 9 am IST
Source: CoinMarketCap
Crypto News at a Glance:
- Bitcoin rewards company GoSats has launched a cashback rewards app that allows Indian customers to be paid back in Bitcoin while shopping at major brands including Amazon, Starbucks and Flipkart.
- Digital collectibles platform Terra Virtua has migrated from Ethereum blockchain to scale 2 solution Polygon as a part of its plan to create a more sustainable non-fungible token (NFT) ecosystem. This move potentially reduces energy required to create a single NFT by more than 99 per cent.
- Crypto staking service provider Figment has raised $50 million in a Series-B funding round co-led by Senator Investment Group and Liberty City Ventures to scale its team and support more blockchains for staking.
- Tech giant Microsoft has developed an Ethereum blockchain-based system named Argus to combat piracy. Argus aims to provide a trustless incentive mechanism while protecting data collected from piracy reporters.
- Swiss fintech firm Leonteq has partnered with ICF Bank, Germany’s leading securities trading bank, to bring 18 crypto-based assets to institutional investors across Germany and Austria.
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