Crypto Analysis

Few Altcoins Rally to Keep Crypto Market Alive

Bitcoin trade volumes decline 14 per cent; Ethereum closes with 0.7 per cent drop

Few Altcoins Rally to Keep Crypto Market Alive
Few Altcoins Rally to Keep Crypto Market Alive

The crypto market had yet another day of range bound Bitcoin (BTC) price actions while a few altcoins rallied on the sides. The total market cap closed at $2.07 trillion as of 9 am IST, up by 1 per cent. Trade volumes across exchanges dropped by 2 per cent to $108 billion.

Bitcoin (BTC) traded between $44,800 to $45,950, the key support and resistance levels respectively. It closed the day at $45,020, a 0.6 per cent drop overall. With BTC not setting any higher highs, bearish sentiment prevails in the market. BTC dominance is now at 41.0 per cent with trade volumes down by 14 per cent.

Ethereum (ETH) had a brighter beginning, pushing past its $3,350 resistance level to hit $3,460 intraday. However, with the ETH/BTC ratio gaining weakness, ETH pulled back to $3,290 at day’s close with a 0.7 per cent drop.

Among the top 20 cryptocurrencies, Polkadot (DOT) and Algorand (ALGO) rallied by more than 13 per cent while Chainlink (LINK) gained by 5 per cent today. Solana (SOL) shed 11 per cent today after a strong rally in the previous two weeks while Avalanche (AVAX) registered a 5 per cent drop. Most of the other altcoins registered modest losses. Cardano’s (ADA) smart contracts went live early this morning and the price of ADA has dropped since given a possible sell-off. ADA was trading at $2.44 at day’s close with a 6 per cent decline.

BTC has remained range bound for a week now, firmly in a no trade zone. BTC is expected to test its 20-week moving average at $42,000 sometime in the upcoming week before a clear macro directional trend is established.

Top Gainers today:

  1. Cosmos (ATOM): 27.2%
  2. Tezos (XTZ): 23.1%
  3. Harmony (ONE): 17.7%

Top Losers today:

  1. Solana (SOL): -11.3%
  2. Quant (QNT): -8.0%
  3. Fantom (FTM): -6.2%

Analysis includes the top 100 cryptocurrencies only as of 9 am IST

Source: CoinMarketCap

Crypto News at a Glance:

  1. Harmony (ONE), a blockchain protocol that offers cross-chain bridges to Bitcoin, Ethereum, Polkadot and the Binance Smart Chain, has announced a $300 million ecosystem development fund aimed at attracting 10,000 developers and project founders.
  2. Defi protocol Pledge has secured $3 million for its cross-chain ecosystem in an investment round led by Palo Alto-based venture capital firm DHVC to facilitate long-term financing for crypto holders.
  3. Digital asset manager Monochrome has raised $1.8 million in Series A funding round led by crypto entrepreneurs to develop new products specialising in Bitcoin and other digital assets.
  4. According to news reports, around $2.6 billion worth of digital assets traded in Korean Won could be erased when South Korea’s deadline for crypto exchange registration ends later this month.
  5. Ark Investment Management has updated the prospectus for its ARK Next Generation Internet ETF (ARKW), hinting at a chance of investing in crypto exchange-traded funds (ETFs) in Canada, according to SEC filing.

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.


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Outlook Money
June 2023