The global cryptocurrency market grew by 3.8 per cent today to close at $1.94 trillion as of 9 am IST as altcoins gathered momentum post recent price actions of Bitcoin (BTC) and Ethereum (ETH). Trade volumes across exchanges rose by a substantial 20 per cent with investors looking to ride the momentum.

BTC breached the $46,000 level as trade volumes increased moderately by 4 per cent. BTC retracted marginally after an intra-day high of $46,700 to short-term support at $45,300 but recovered to register a 1.3 per cent gain overall. Its support levels are forming at $45,300 and $46,000, while the $47,000 level acts as major resistance. BTC is now trading near $46,100.

Ethereum (ETH), the second-largest cryptocurrency, registered a moderate 2.5 per cent gain to close the day at $3,220 levels as momentum post EIP-1559 update continues to sustain its price action. Having flipped the $3,190 level for support, investors hope that ETH will head towards $3,500 this month.

All top 20 cryptocurrencies except Internet Computer (ICP) were in the green today. Major altcoins are catching up on gains as BTC and ETH have stabilised post their rally in the past fortnight. Polygon (MATIC) and Ripple (XRP) recorded over 18 per cent gains while Binance Coin (BNB), Polkadot (DOT) and Cardano (ADA) posted gains above 6 per cent.

BTC needs a daily close above the $47,000 resistance zone to push for $50,000 later this month. As long as BTC holds its support at $46,000, altcoins will continue to register gains. In both scenarios above, the total crypto market cap will be able to breach $2 trillion again.

Top Gainers today:

1. IoTex (IOTX): 94.4%
2. BitTorrent (BTT): 24.6%
3. XinFin Network (XDC): 24.1%

Top Losers today:

1. Helium (HNT): -10.3%
2. Flow (FLOW): -5.3%
3. Axie Infinity (AXS): - 5.2%

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

Source: CoinMarketCap

Crypto News at a Glance:

1. Financial institutions Tempo payments and Bitazza Thailand have partnered with blockchain-based financial protocol Velo labs to host the $17 billion remittance corridor on the Stellar blockchain between Europe and Thailand.
2. Following the massive $600 million exploit of cross chain protocol Poly Network this week, the hackers have subsequently returned $258 million of stolen funds.
3. Titan, an US-based investment advisor, has launched a new cryptocurrency portfolio offering that allows US residents to get exposure to digital assets like Bitcoin and Ethereum.
4. Metromile, a Nasdaq-listed car insurance company, has purchased $1 million worth of Bitcoin and has planned to acquire $10 million more in total by the end of this quarter.
5. Bank of Jamaica has minted the first batch of its central bank digital currency (CBDC) and has planned to issue a total of 230 million Jamaican dollars to deposit-taking institutions and authorized payment service providers.

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