Range-bound Bitcoin Keeps Crypto Market Lukewarm
Ethereum ends with modest 0.1 per cent loss; key altcoins register gains
The global cryptocurrency market remained stable today as bulls and bears battled to give it a clear direction. As of 9 am IST, the overall market cap was $2.14 trillion, an increase of 2 per cent. Total trade volume across exchanges stood at $143 billion, a 20 per cent drop from yesterday.
Bitcoin (BTC) remained range-bound as it retested and broke through its $46,000 support level intra-day only to bounce back above $47,000 in a clear sign of market indecisiveness and volatility. BTC ended the day at $46,660 with its trade volumes dropping over 20 per cent for the second consecutive day. BTC must test and hold its critical support at $42,000, its 20-week moving average (SMA), to reinitiate its rally towards $55,000. If it fails at that support, $35,000 levels will be back in play. BTC dominance is now at 41.1 per cent.
Ethereum (ETH) mirrored BTC’s movements, oscillating between its $3,390 support and $3,570 resistance levels. ETH ended the day nearly flat at $3,470 with a modest 0.1 per cent loss.
Key altcoins registered moderate gains today. Avalanche (AVAX), which entered the top 20 this week, gained by 21 per cent while Polkadot (DOT) grew a considerable 15 per cent. Solana (SOL) and Algorand (ALGO) registered a decline today after having a stellar run in the past couple of weeks.
BTC is now in a ‘no trade zone’, with the macro direction of the market unclear. A daily close above or below $46,000 will be a signal that traders will watch out for in the weekend ahead.
Top Gainers today:
- Tezos (XTZ): 43%
- Icon (ICX): 40.9%
- Harmony (ONE): 36.8%
Top Losers today:
- Near Protocol (NEAR): -14.9%
- Solana (SOL): -7.0%
- Hedera Hashgraph (HBAR): -6%
Analysis includes the top 100 cryptocurrencies only as of 9 am IST
Crypto News at a Glance:
- Ukraine has passed a legislation that will enable companies to launch digital asset funds and banks to open accounts for crypto companies.
- Global payments platform Mastercard has acquired blockchain intelligence firm CipherTrace to improve their own cyber security solutions for digital assets.
- Blockchain firm Blockstream Mining has announced its partnership with Australian financial giant Macquarie Group to develop mining facilities that use renewable energy.
- OpenSea, a NFT marketplace, encountered a bug that has apparently resulted in the deletion of user-owned NFTs valued at about 28.4 ETH, worth nearly $100,000.
- Blockchain gamification platform DeFi Land has raised $4.1 million in investments to launch a new DeFi game on Solana amid the growing ecosystem surrounding it.
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.