The global cryptocurrency market zoomed ahead to $2.09 trillion today as Bitcoin (BTC) broke the $48,000 level for the first time since May. Investor confidence in the market also seemed resurgent, with the crypto trade volumes surpassing $110 billion. The market rally was supported by an announcement by Coinbase to invest $500 million into cryptocurrencies.

BTC broke above several previous highs, having flipped $46,700 from resistance to support, and closed the day at $48,670, a gain of 3.5 per cent as of 10 am IST. BTC trade volumes remained stable at $36 billion today. BTC has rallied more than 60 per cent over the last month, although its dominance remains below 44 per cent as altcoins surge in growth. $50,000 will act as the next major resistance with possibilities of a sell-off at that point.

Ethereum (ETH) gained by 2.5 per cent today, testing its psychological resistance at $3,300. However, ETH has been unable to breach that level in the past week. It finds short-term support at $3,050.

All top 20 cryptocurrencies except Cardano (ADA) registered gains today, with Solana (SOL), Polkadot (DOT), and Polygon (MATIC) gaining by more than 8 per cent. Cardano (ADA), which hit an all-time-high (ATH) this week, had a modest day with a 0.5 per cent drop today.

Post this weekend, BTC is likely to test $50,000, and if a sell-off happens, BTC may drop back below $48,000 in the interim. Once $50,000 is breached and back-tested as support, BTC may rally towards $55,000.

Top Gainers today:

1. Avalanche (AVAX): 26.5%
2. ICO (ICX): 14.5%
3. XinFin Network (XDC): 14.1%

Top Losers today:

1. Voyager Token (VGX): -24.2%
2. Audius (AUDIO): -3.6%
3. Celsius (CEL): -2.0%

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

Source: CoinMarketCap

Crypto News at a Glance:

1. NASDAQ listed crypto exchange Coinbase has updated its investment policy to include a 10 per cent quarterly income allocation to purchasing cryptocurrencies and also committed to investing $500 million of its $4 billion in reserves into digital assets.
2. Eurex, the European derivatives exchange owned by Deutsche Boerse, has announced that it will launch Bitcoin exchange-traded note (ETN) futures based on significant demand from institutional investors to gain Bitcoin exposure in a regulated environment.
3. Blackrock, world’s largest asset manager with $9 trillion in assets under management (AUM), has invested over $382 million in shares of mining operators Marathon Digital Holdings and Riot Blockchain.
4. Global mining leader Argo Blockchain, the only crypto miner listed on the London Stock Exchange, has filed for U.S. Securities and Exchange Commission approval to sell American Depositary Shares (ADS) on NASDAQ Global Market.
5. Global crypto exchange Binance has announced that all new users are required to complete its updated Know Your Customer (KYC) procedures to access its products and service offerings.

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