Crypto Market Stable, Bitcoin Skids from $50,000 Level
The crypto market has remained stable today as Bitcoin (BTC) failed to breach major resistance and Ethereum (ETH) had a muted day after a strong rally earlier this week. The market registered a small drop of 0.3 per cent to close at $2.21 trillion as of 9 am IST with trade volumes across exchanges exceeding $127 billion.
BTC broke out from a descending channel and tested the $50,450 resistance yesterday. However, BTC was unable to breach the level and dropped to an intra-day low of $48,380. BTC trade volumes rose by 4 per cent while its dominance is now 41.6 per cent. If bearishness continues, BTC may complete a double top formation and could go to lower levels before it tests the $52,000 resistance.
ETH rally took a break with a modest 0.8 per cent increase today. ETH tested the $3,840 resistance and got rejected though it continued to hold the $3,700 levels throughout. ETH's daily trade volume has decreased by a significant 20 per cent indicating a lack of fuel for a further rally. ETH enjoys strong support around $3,500 in case of a sell off.
Solana (SOL) had another stand out day among key altcoins as it registered an 18 per cent gain to end the day around $132. VeChain (VET) registered a 6 per cent increase driven by sentiment around its 10 million blocks milestone. Other altcoins had a mixed day with Polkadot (DOT), Terra (LUNA), Chainlink (LINK) and Ripple (XRP) registering gains up to 2 per cent. Cardano (ADA) and Uniswap (UNI) declined by 2 per cent.
BTC price actions will determine the course of the market though key altcoins will continue to hold fort as long as BTC remains above $47,000.
Top Gainers today:
- IOTA (MIOTA): 25.2%
- Solana (SOL): 18.4%
- Avalanche (AVAX): 17.1%
Top Losers today:
- Perpetual Protocol (PERP): -7.6%
- FTX Token (FTT): -6.2%
- Klaytn (KLAY): -4.4%
The analysis includes the top 100 coins only as of 9 am IST
Source: CoinMarketCap
Crypto News at a Glance:
- Binance.US, an US-based affiliate of Binance, is reportedly targeting an initial public offering (IPO) in 2024 according to its founder. Binance.US is also planning to close a large private funding round in the next two months.
- VeChain (VET), a smart contract platform which uses proof-of-authority (PoA) consensus mechanism, has reached a major milestone as it surpassed 10 million blocks with no downtime.
- Seety, a digital parking start-up with over 300,000 users in Belgium and Netherlands, has started accepting select cryptocurrencies and stablecoins like DAI, USDC for purchasing parking tickets.
- US state Texas now legally recognises cryptocurrencies under commercial law post Sept 1.
- Australia, Singapore, Malaysia and South Africa have announced a joint initiative to experiment international settlements using central bank digital currencies (CBDC) issued by their central banks.
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