Global crypto market continued its upward rally with a 3.2 per cent gain today to close at $2.34 trillion as of 9 am IST as Bitcoin (BTC) made a three-month local high of $51,920. Trade volumes across exchanges dipped by 5 per cent to $120 billion.

BTC, with a 3.6 per cent increase today, has breached the $51,500 resistance and has led to an increase of more than 5 per cent in key altcoins. BTC is now within striking distance of the psychological resistance at $52,000 following which a rally towards $55,000 is likely. BTC dominance rose modestly to 41.6 per cent, signifying inflow of funds into the leading cryptocurrency.

Ethereum (ETH) traded around $3,920, a 1.7 per cent gain, and continues to attempt to break the critical $4,000 resistance. Earlier in the day, it bounced off its $3,840 support. ETH is likely to test its all-time high of $4,400 soon as its daily issuance rate has gone negative for the first time making the cryptocurrency deflationary.

All the top 20 cryptocurrencies were in the green today, except Polygon (MATIC) and dollar pegged stablecoins. Filecoin (FIL) has zoomed into the top 20 list with a significant 22 per cent increase, followed by Chainlink (LINK), Internet Protocol (ICP), Polkadot (DOT), Terra (LUNA) and Bitcoin Cash (BCH) registering gains of more than 5 per cent. MATIC, after a considerable rally yesterday, shed by 3 per cent.

A breakout in the daily relative strength index (RSI) of BTC, currently sloping downwards, will confirm the start of another bullish run even as the $48,000 support level should hold. A minor retracement is likely today after the weekend gains.

Top Gainers today:

1. Quant (QNT): 33.3%
2. Filecoin (FIL): 22.0%
3. Fantom (FTM): 19.9%

Top Losers today:

1. Revain (REV): -6.9%
2. IOTA (MIOTA): -4.2%
3. Polygon (MATIC): -2.8%

Analysis includes the top 100 cryptocurrencies only as of 9 am IST

Source: CoinMarketCap

Crypto News at a Glance:

1. Global crypto exchange Binance has suspended trade in Singapore Dollar (SGD) for customers in Singapore amid regulatory warnings.
2. On September 3, the daily issuance of the second largest cryptocurrency Ethereum went negative for the first time post the EIP-1559 upgrade. EIP-1559 modified Ethereum's tokenomics by burning part of the transaction fees in every new block.
3. Vast bank has become the first US bank with Federal Deposit Insurance Corporation (FDIC) insurance and a Federal Reserve charter to offer Bitcoin exposure to its customers.
4. Swiss banking giant BBVA has launched a digital investment account with crypto wallet features that allows users to deposit up to $10,000 that can be used to trade Bitcoin.

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