The global cryptocurrency market reclaimed the $2 trillion mark for the first time in three months as Bitcoin (BTC) and Ethereum (ETH) reversed losses from the previous day and rallied beyond key resistance levels. Meanwhile, traditional banking giants continue to increase their exposure to cryptocurrencies.

The market closed the day at $1.99 trillion, with a 5 per cent gain in the last 24 hours. Trade volumes rose by a substantial 15 per cent as investors exuded confidence.

BTC surged by 5 per cent today to sail past the psychological level of $47,000. Sustained selling pressures from the bears to push BTC below $44,000 failed as the bulls emerged victorious in Friday’s $625 million BTC options expiry. BTC trade volumes across exchanges climbed by 17 per cent. BTC’s support levels are forming at $47,000 and $46,700, while $48,000 will act as next resistance. BTC is currently trading near $47,600.

Ethereum (ETH) had a perfect bounce from its support level at $3,000, registering a 6 per cent increase to close at $3,290 as of 10 am IST. ETH has secured a daily close above $3,250 support which opens a path to $3,600 in the upcoming days. Bulls are expected to lend support at $3,100 if ETH trends a leg lower.

Top 20 cryptocurrencies continued to rally after BTC crossed its 200-day moving average. Cardano (ADA) has gained 46 per cent in the past week and is expected to rally further ahead of the impending smart contracts feature launch in September. Ripple (XRP), Binance Coin (BNB), Dogecoin (DOGE) and Polygon (MATIC) saw gains between 4-9 per cent.

Having secured a daily close above $47,000, BTC looks to capitalize on the momentum next week to move towards $49,000. Altcoins are expected to grow if BTC holds above $46,000.

Top Gainers today:

1. Qtum (QTUM): 38.1%
2. Synthetix (SNX): 18.2%
3. Klaytn (KLAY): 16.6%

Top Losers today:

1. IoTeX (IOTX): -6.9%
2. Ravencoin (RVN): -2.5%
3. FTX Token (FTT): -1.1%

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

Source: CoinMarketCap

Crypto News at a Glance:

1. According to research by Blockdata, a market intelligence platform, 55 out of the top 100 banks by assets under management (AUM) have exposure in crypto and blockchain firms through direct and indirect investments. Barclays, Citigroup and Goldman Sachs were among the most active backers of crypto and blockchain firms, with JPMorgan and BNP Paribas also identified as serial investors.
2. Cardano has announced a September 12 release date of its much-anticipated Alonzo purple upgrade. This upgrade will allow developers to run advanced smart contracts and decentralized finance (DeFi) applications on its blockchain.
3. Opensea, a peer-to-peer NFT marketplace, has processed 1.2 million transactions worth $1.1 billion in the last 30 days, according to data released by Dappradar. Trade volumes on Opensea have surged by over 12,000 per cent during 2021.
4. Polygon (MATIC), a layer-2 Ethereum scaling solution with Indian founders, is merging with Hermez blockchain network in a $250 million deal. Hermez is a zero-knowledge solution that uses mathematical proofs to verify and settle transactions.
5. Global crypto exchange Binance will discontinue trading pairs and payment options using the South Korean Won effective immediately.

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