The global crypto market had a volatile day with Bitcoin (BTC) and Ethereum (ETH) entering key resistance levels. BTC managed to hold $50,000 while ETH ended the day at $3,920 after breaching $4,000 for the first time since May. The market capitalisation rose by 2 per cent to close the week at $2.28 trillion as of 10 am IST today, with trade volumes across exchanges totalling over $138 billion, a strong 7 per cent rise.

While BTC printed several small time-frame candles above $50,000, it has still not fully breached the psychological resistance, with $51,200 being the next big resistance. BTC trade volumes rose by 1.3 per cent while its dominance now stands at 41.5 per cent.

ETH resumed its rally to briefly cross the historical $4,000 level, before dropping a leg down to close at $3,920, a 2.7 per cent increase. ETH's daily trade volume rose by 5 per cent, stamping the market’s interest in the crypto. ETH is expected to continue the rally towards its all-time-high of $4,400 if BTC holds support above $48,000 in the upcoming weeks. However, BTC retracing to test its 20-week moving average at $42-43,000 will bring ETH down to $3,000 levels possibly.

Among key altcoins, Solana (SOL) continues its impressive growth with a 11 per cent gain today. SOL is heading towards $150, up from trading below $40 exactly a month ago. Litecoin (LTC) has a mini break out with a 15 per cent gain today. Uniswap (UNI), Terra (LUNA), Dogecoin (DOGE), Ripple (XRP) and Cardano (ADA) registered modest losses.

Altcoins are expected to be volatile in the phase leading to a breakout in BTC beyond $52,000. Global crypto market capitalisation is heading towards $2.5 trillion this month, twice this quarter’s low of $1.2 trillion registered in July.

Top Gainers today:

1. Revain (REV): 30.9%
2. Fantom (FTM): 22.7%
3. Litecoin (LTC): 16.5%

Top Losers today:

1. Avalanche (AVAX): -5.8%
2. Arweave (AR): -5.6%
3. CELO (CELO): -5.3%

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

Source: CoinMarketCap

Crypto News at a Glance:

1. Indian Government is reportedly planning to regulate cryptocurrencies in the new draft bill by treating them as a commodity and by compartmentalising them with use cases such as payments, investment or utility.
2. Blockchain-as-a-service firm SIMBA Chain has raised $25 million in a Series A funding round led by Valley Capital Partners to expand sales departments and to venture into non-fungible tokens (NFTs).
3. Leading crypto exchange Coinbase has announced that customers in the UK and Germany will be able to stake Ethereum (ETH) and earn 5 per cent interest.
4. Mark Cuban owned NBA franchise Dallas Mavericks has introduced a cashback rewards program to encourage merchandise and ticket payments done through Dogecoin (DOGE).
5. US-based e-commerce platform Shop.com has announced its partnership with crypto payment service provider BitPay to start accepting payments in several cryptocurrencies including BTC and DOGE.

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