Bitcoin (BTC) has crossed a major psychological resistance, breaching $50,000 for the first time since the May crash. After consolidating below $49,000 overnight, BTC surged ahead in early hours and closed the day at $50,100 as of 9 am IST with a 2.7 per cent daily increase. In the last one month, BTC has rallied from $33,000 levels with a gain of more than 50 per cent.

Total crypto market cap reached $2.14 trillion on the back of BTC's surge with a 2.5 per cent gain today. Trade volumes, however, remained lower than $100 billion and registered a 7 per cent drop as BTC remained below $49,000 for most of the day. BTC's trade volumes declined by 21 per cent today though a surge is expected later today.

BTC is likely to find support at $48,270 and $46,700 if a sell-off happens today while it will run into its next major resistance at $52,100.

Ethereum (ETH) continued to face tough resistance at $3,300 for most parts of the day and tested its $3,100 support multiple times. After Bitcoin’s breach of $50,000, ETH gained momentum to break the barrier as it rose to $3,330 levels with a 3 per cent gain today.

Cardano (ADA) led the altcoin growth story with a 11 per gain while trading at its all-time-high of $2.80, in anticipation of its listing in Japanese exchanges as well as its Alonzo update in September. All major altcoins turned green post BTC's rally today with a 2 to 4 per gain common among the top 20 club. BTC's dominance is now below 44 per cent.

BTC is expected to take a step back in the next couple of days before it continues its rally towards $55,000. Key altcoins will continue to gain as BTC registers higher lows in this rally.

Top Gainers today:

1. Telcoin (TEL): 27.5%
2. Nano (NANO): 22.1%
3. Avalanche (AVAX): 16.7%

Top Losers today:

1. Algorand (ALGO): -4.6%
2. NEAR Protocol (NEAR): -4.5%
3. Waves (WAVES): -3.3%

The analysis includes the top 100 coins only as of 9 am IST

Source: CoinMarketCap

Crypto News at a Glance:

1. Global payments platform Paypal has announced the launch of its cryptocurrency services in the UK allowing customers to trade Bitcoin, Bitcoin cash, Ethereum or Litecoin with as little as £1.
2. Blockchain fintech firm XREX has raised $17 million in a Pre-Series A round led by a consortium of global investors from North America, Europe and Asia to expand its fiat currency portfolio and enter into partnerships with digital wallet providers.
3. Leading crypto exchange Binance has roped in former CEO of Abu Dhabi Global Market Richard Teng to head the exchange’s operations in Singapore amidst scrutiny from regulators globally.
4. Argentine footballer Lionel Messi has partnered with Australia-based digital artist BossLogic to launch his own non-fungible token (NFT) collection called “Messiverse” on Ethernity, an NFT platform.
5. Australian entrepreneur and co-founder of product comparison website Finder, Fred Schebesta, has offered $5 worth of Bitcoin to all Australians who get their Covid-19 vaccination done.

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.