The global cryptocurrency market remained at the $2.1 trillion mark today as the 1 per cent growth logged in by Bitcoin (BTC) was negated by a pullback among major altcoins. Trade volumes across exchanges suffered a 5 per cent decline today.

BTC breached the $49,000 level earlier in the day and zoomed towards its psychological resistance at $50,000 before retracting and closing the day at $49,100 early in the day, an increase of 1 per cent today. BTC trade volume remained constant at $36 billion for the day. BTC’s dominance increased mildly and crossed 44 per cent. BTC’s weekly gains are at 4.7 per cent.

Ethereum (ETH), the second largest cryptocurrency, continues to be rejected at the $3,300 resistance level for the eighth consecutive day. ETH closed the day at $3,230 with a modest drop of 1.8 per cent and is expected to hold its support level of $3,100 in case of further declines in the weekend. On a weekly timeframe, ETH has dropped by 0.4 per cent.

Among top 20 cryptocurrencies, only BTC and Litecoin (LTC), with a 2.2 per cent increase, registered gains. Terra (LUNA), Polkadot (DOT) and Solana (SOL) experienced corrections of more than 5 per cent today. On a weekly basis, SOL and LUNA have enjoyed more than 60 per cent gains.

Having secured a daily close above $49,000, BTC looks to capitalize on the momentum to test $50,000 in the upcoming week. Altcoins will grow substantially if BTC holds $50,000 as support.

Top Gainers

1. NEAR Protocol (NEAR): 31.7%
2. ThorChain (RUNE): 23.2%
3. Avalanche (AVAX): 21.0%

Top Losers

1. Voyager Token (VGX): -12.3%
2. Terra (TERRA): -11.1%
3. Audius (AUDIO): -8.5%

[The analysis includes the top 100 coins only as of 10 am IST]

Source: CoinMarketCap

Crypto News at a Glance

1. According to data platform Chainalysis, India has ranked second among 154 countries in its global cryptocurrency adoption index based on peer-to-peer (P2P) exchange trading volume, on-chain retail value received and on-chain value received. The index suggests that crypto adoption grew over 881 per cent worldwide in the last year.
2. US-based investment firm AdvisorShares has filed an application for a Bitcoin futures exchange traded fund (ETFs) with the US Securities and Exchange Commission with an aim to invest all assets in ETF contracts on Bitcoin.
3. As per public blockchain data, the hackers responsible for the $90 million Liquid crypto exchange hack, have started to cover their tracks by sending $20 million ETH to Tornado.cash to obfuscate their transactions.
4. Asset management firms VanEck and ProShares have decided to withdraw their Ether-based ETFs they had filed earlier this week with the US Securities and Exchange Commission (SEC).
5. Investment management firm Neuberger Berman’s $164 million commodities fund can invest up to 5 per cent of its assets in Bitcoin futures and in Canada’s Bitcoin ETFs to gain indirect exposure to Bitcoin according to SEC filing.

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