Market picks up momentum as Bitcoin rises 2%

[ad_1]

With a few nervous greens showing, the broader crypto market rallied slightly to close at $ 1.31 trillion in market cap, gaining 3% at 10:00 am IST. However, the total volume of trade in the market continued to decline, losing 10.9% today, highlighting the lack of confidence. The general sentiment is mixed, with the major cryptocurrency exchanges registering a drop in volumes during this rapid recovery. The dominance of Bitcoin (BTC) as a share of market cap edged down to 45.9% as altcoins saw higher gains throughout the day.

BTC rebounded above the $ 32,000 mark, gaining 2.4% from the previous day. On a weekly schedule, BTC was down 4% after starting strong around the $ 34,000 mark. The bulls kicked in again to push BTC prices to close $ 32,100 at the end of the day. The first resistance level at $ 32,360 and the support levels at $ 31,200 and $ 30,550 have not been tested. This lull in BTC prices is attributed to the anticipation of the unlocking of Greyscale Bitcoin Trust (GBTC) shares today.

Ethereum (ETH) finally ended its losing streak to close at the $ 1,980 levels after gaining 5.2%. ETH has avoided the support levels at $ 1,850 and needs to hold above the $ 1,800 level to gain ground over the coming week.

After days of red it was a positive day for major altcoins. While Dogecoin (DOGE), backed by Musk’s tweet, gave the green light at 11%, Polkadot (DOT), Uniswap (UNI), Polygon (MATIC) and Cardano (ADA), among others, recorded gains from 3 to 7%.

Best winners

Dogecoin (DOGE): 11.2% SushiSwap (SUSHI): 10.3% KuCoin Token (KCS): 10.1%

Top losers

NEM (XEM): -9.7% Revain (REV): -7.4% Basic Attention Token (BAT): -6.0%

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

Source: CoinMarketCap

Crypto News at a Glance

The Chinese crypto community and information provider Bishijie have been shut down by Chinese regulators for violating central bank regulations. Revolut, a crypto-enabled digital banking app, raised $ 800 million in a fundraiser led by Tiger Capital and SoftBank. Revolut, now valued at $ 33 billion, is one of the largest fintech unicorns in Europe. Alibaba’s e-commerce site Taobao will host Near Protocol non-fungible tokens (NFTs) at the Maker Festival this year, working closely with Web3 Games and Chinese artist Heshan Huang. After a flurry of recent tweets about Dogecoin (DOGE), Elon Musk has excited his supporters to continue to hold the cryptocurrency, pushing its prices up by more than 16% per day.

DISCLAIMER: Opinions expressed are those of the author and Outlook Money does not necessarily endorse them. Outlook Money will not be liable for any damages caused to any person / organization directly or indirectly.

[ad_2]