The upbeat mood in the market carried forward today with Bitcoin and major altcoins delivering green candles. The global crypto market reached $2.03 trillion today, gaining 1.3 per cent on the back of strong gains among altcoins. Buyers continued to lend support to the rally as exchanges saw trade volumes grow by 3 per cent.

Bitcoin (BTC) faced resistance at the psychological $48,000 mark for the second time in three days. BTC closed at $47,550, gaining modestly by 1 per cent in the last 24 hours. BTC briefly traded below $46,000 yesterday, well above its support at $45,000, before bouncing back strongly. BTC trade volumes grew by over 6 per cent and the coin faces its next major resistance level at $49,000.

Ethereum (ETH) mirrored BTC's price action to gain 1 per cent and close at $3,310 as of 9 am IST. ETH’s breaking its next resistance at $3,390 will open the path towards $3,600. Its support levels are forming around $3,000.

The broader altcoin market grew significantly, with Solana (SOL) emerging as the frontrunner with a gain of over 27 per cent during the day. Dogecoin (DOGE), Chainlink (LINK) and Internet Computer (ICP) gained up to 10 per cent while Cardano (ADA), Stellar (XLM) and Ripple (XRP) registered minor gains.

BTC’s share of market cap has steadily decreased in the past week to 44 per cent as major altcoins outperformed the market leader.

Top Gainers today:

1. Solana (SOL): 22.4%
2. Terra (LUNA): 16.2%
3. Harmony (ONE): 15.6%

Top Losers today:

1. Xinfin Network (XDC): -3.53%
2. Waves (WAVES): -3%
3. Curve DAO Token (CRV): -2.6%

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

Source: CoinMarketCap

Crypto News at a Glance:

• According to filings made with the US Securities and Exchange Commission, multiple wealth management companies have acquired more than 250,000 shares combined of Grayscale’s Bitcoin Investment Trust (GBTC), pointing to an indirect exposure to Bitcoin.
• Vietnam has the highest adoption rate for cryptocurrencies according to a survey conducted across 27 countries in Europe, Asia and America by product comparison website Finder.com. The survey suggests that nearly 20% of Vietnamese have bought Bitcoin, the highest among the countries polled.
• Israeli insurance companies and investment firms will be required to detail and justify any investment in Bitcoin and cryptocurrencies with the country aiming to tighten regulations around crypto.
• Retail giant Walmart is looking to hire a digital currency and cryptocurrency product lead to help the company identify trends in crypto-related technology and consumer behaviour.

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