Cryptocurrency Prices: Best Cryptocurrency Prices Today: Solana, Cardano tank up to 13%, Polkadot earns 10%

[ad_1]

New Delhi: After a big fall, the main cryptocurrencies entered a phase of consolidation at the start of the new week. Most cryptocurrencies were healing the deep scars from the previous week.

With the exception of Polkadot, which lost as much as 10%, nine of the top 10 cryptocurrencies were trading lower as of 9:30 am IST. Solana lost 13 percent, while Cardano gave up more than 6 percent.

The global crypto market cap is down more than one percent to $ 2.05 trillion from the last day. However, the total crypto market volume was almost stable at $ 110.56 billion.

“The market has seen a slight decline if we look last week, but we see Polkadot doing well. Having said that, we are hoping for a recovery,” said Sharan Nair, Commercial Director of CoinSwitch Kuber.

Prominent economist and former RBI Governor Raghuram Rajan said cryptocurrencies are currently a speculative asset and will remain so until there are developments and regulations emerge.

To take advantage of the holiday season that started with Ganesh Chaturthi on Friday, Indian crypto exchanges are ramping up recruitments and planning large-scale product launches and advertising campaigns to add new retail investors.

The past 24 hours have been more of a consolidation phase across the crypto spectrum. Bitcoin and Ether were both circling around their support levels, said Edul Patel, CEO and co-founder of Mudrex. Bears are reportedly tracking the $ 45,000 BTC level closely. If there is a break, we can expect massive sales acceleration.

“However, for some of the top altcoins, the last 24 hours have been a good session. Polkadot and Chainlink have made good moves thanks to huge volumes,” he added.

U.S. officials are discussing launching a formal review to determine whether Tether and other stablecoins threaten financial stability, a scrutiny that could lead to significantly increased scrutiny of a rapidly growing corner of the crypto market.

Tech View by Siddharth Menon, COO WazirX The overall crypto market cap recently hit $ 2.4 trillion since trending upward from week 3 of July in a likely upward channel pattern.

As a result, we have seen a trend reversal over the past two days which could be attributed to recent market volatility due to Bitcoin adoption in El Salvador coupled with a 2% drop in US markets. The recent correction has resulted in high volume sales.

Bitcoin, meanwhile, is trading below its 200-day moving average. BTC is expected to continue its downtrend towards support levels of $ 41,000.

We might see panic sales in the short term. However, by keeping an eye on the long-term future potential of the crypto market, a shrewd investor will want HODL or see it as an opportunity to buy.

Support for main levels: $ 2,950, $ 2,650 Resistance: $ 3,700, $ 4,000

The time is in UTC and the daily time is 12:00 to 12:00 UTC (The opinions and recommendations given in this section are those of the analysts and do not represent those of ETMarkets.com. Please consult your financial advisor. before taking any position in the mentioned asset (s).)

[ad_2]