Synopsis
The global crypto market cap surged 4 per cent to $2.63 trillion mark compared to the last day. However, the total crypto market volume rallied over 30 per cent to $116.59 billion.
New Delhi: The cryptocurrency cart was back in the green as a follow-up buying in altcoins supported sentiments. Investors looked at the second-rung tokens after the numero uno digital token Bitcoin scaled new lifetime peaks.
Barring the dollar-pegged stablecoins, all other eight out of the top 10 cryptocurrencies were higher at 9.30 hours IST. Solana zoomed 18 per cent, whereas Ethereum soared 9 per cent.
The global crypto market cap surged 4 per cent to $2.63 trillion mark compared to the last day. However, the total crypto market volume rallied over 30 per cent to $116.59 billion.
BTC reached a new all-time high on the heels of ETF excitement. After bursting through the $66,000 barrier, Bitcoin was briefly trading above $67,000, said Zebpay Trade Desk.
“The market has been in the green for multiple trading sessions over the last few days, which is a good sign, indicating that the fundamental belief and sentiments are positive. The pace of news is frenetic, but all positive,” it added.
Bitcoin rallied to a record high after a strong debut by the first US exchange-traded fund investing in Bitcoin futures stoked optimism about the digital asset’s outlook.
The NFT market is going through a major correction in the last two weeks, and we can expect the market to correct more in the next few weeks because of the ongoing rally in Bitcoin, said Hitesh Maliviya, Founder, itsblockchain.com.
“NFTs are bullish in the long term, and we can expect a huge surge in demand after Coinbase opens the NFT marketplace by the end of the year,” it added.
Crypto Cart: Quick Glance
Tech View by Giottus Cryptocurrency Exchange
Ethereum (ETH), the second largest cryptocurrency, has had quite a run since 2020. It has rallied from a low of $150 in March 2020 to over $4,000 today. Over the past few weeks, ETH has successfully broken through its local top of $4,030 and is now continuing upwards.
As the world’s largest blockchain platform, hosting thousands of cryptocurrencies, smart contracts and dApps, ETH deserves to be called a blue-chip of crypto in addition to Bitcoin (BTC). With BTC hitting its all-time-high (ATH) yesterday, ETH is expected to have a strong run this month.
Its next major resistance remains its ATH – located at the $4,370-4,400 range. With BTC trading well above its 20-week moving average and ETH/BTC currently bouncing off a support trendline forming since May this year, the ETH/BTC ratio is also expected to rise once BTC completes its price discovery – indicating that ETH will outperform BTC in the immediate future. It will need to wrestle with resistance at $4,215 on its way up.
However, once past these levels, ETH is likely to go into price discovery mode, with no resistances in play.
Psychological level of $5,000 and above may be the next big target. Should ETH start to decline, it is likely to find support at $4,030, which is a key daily level from May.
Key Levels
Support: $4,030, $4,000
Resistance: $4,216, $4,370, $4,400
(Time is in UTC and the daily time frame is 12:00 AM – 12:00 PM UTC)
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)
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