The crypto market has remained stable today as Bitcoin (BTC) failed to breach major resistance and Ethereum (ETH) had a muted day after a strong rally earlier this week. The market registered a small drop of 0.3 per cent to close at $2.21 trillion as of 9 am IST with trade volumes across exchanges exceeding $127 billion.

BTC broke out from a descending channel and tested the $50,450 resistance yesterday. However, BTC was unable to breach the level and dropped to an intra-day low of $48,380. BTC trade volumes rose by 4 per cent while its dominance is now 41.6 per cent. If bearishness continues, BTC may complete a double top formation and could go to lower levels before it tests the $52,000 resistance.

ETH rally took a break with a modest 0.8 per cent increase today. ETH tested the $3,840 resistance and got rejected though it continued to hold the $3,700 levels throughout. ETH's daily trade volume has decreased by a significant 20 per cent indicating a lack of fuel for a further rally. ETH enjoys strong support around $3,500 in case of a sell off.

Solana (SOL) had another stand out day among key altcoins as it registered an 18 per cent gain to end the day around $132. VeChain (VET) registered a 6 per cent increase driven by sentiment around its 10 million blocks milestone. Other altcoins had a mixed day with Polkadot (DOT), Terra (LUNA), Chainlink (LINK) and Ripple (XRP) registering gains up to 2 per cent. Cardano (ADA) and Uniswap (UNI) declined by 2 per cent.

BTC price actions will determine the course of the market though key altcoins will continue to hold fort as long as BTC remains above $47,000.

Top Gainers today:

1. IOTA (MIOTA): 25.2%
2. Solana (SOL): 18.4%
3. Avalanche (AVAX): 17.1%

Top Losers today:

1. Perpetual Protocol (PERP): -7.6%
2. FTX Token (FTT): -6.2%
3. Klaytn (KLAY): -4.4%

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

Source: CoinMarketCap

Crypto News at a Glance:

1. Binance.US, an US-based affiliate of Binance, is reportedly targeting an initial public offering (IPO) in 2024 according to its founder. Binance.US is also planning to close a large private funding round in the next two months.
2. VeChain (VET), a smart contract platform which uses proof-of-authority (PoA) consensus mechanism, has reached a major milestone as it surpassed 10 million blocks with no downtime.
3. Seety, a digital parking start-up with over 300,000 users in Belgium and Netherlands, has started accepting select cryptocurrencies and stablecoins like DAI, USDC for purchasing parking tickets.
4. US state Texas now legally recognises cryptocurrencies under commercial law post Sept 1.
5. Australia, Singapore, Malaysia and South Africa have announced a joint initiative to experiment international settlements using central bank digital currencies (CBDC) issued by their central banks.

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