New Delhi: The cryptocurrency cart traded mixed on Monday as investors became cautious on digital tokens following the recent rally. Six of the top 10 cryptocurrencies were trading higher at 9:30 a.m. IST. Solana, now the eighth largest cryptocurrency, led the winners, adding 5 percent.
Global crypto market cap hovered near the $ 2.06 trillion mark, down less than one percent from the previous day. Similarly, the total crypto market size declined more than 5 percent to $ 89.59 billion.
Sharan Nair, chief business officer at CoinSwitch Kuber, said the market had sent a mixed mood over the past 24 hours. While we saw a slight decline in Bitcoin, Solana did pretty well.
FOMO stays alive and well in the cryptocurrency world, with lesser-known tokens once again outperforming Bitcoin and Ether following recent rallies by industry leaders.
Cuba’s government has announced that it will recognize and regulate cryptocurrencies for payments on the island. Its central bank will establish rules for such currencies and how providers of related services are licensed in Cuba.
Japan’s largest broker has started offering subscriptions to a luxury Italian food delivery service that allows customers to use tokens to buy and trade dishes when their value fluctuates.
The first cryptocurrency ATM in Honduras opened this week as Bitcoin supporters tried to boost demand for virtual assets after neighboring El Salvador became the first country to adopt Bitcoin as legal tender.
Tech View by Siddharth Menon, COO WazirX
Bitcoin is currently trading near the main psychological level of $ 50,000. If we break above $ 50,000 on the daily charts, the main resistance will be seen at $ 61,000. We have the first support all the way down to $ 45,000 and the second support level could be as low as $ 41,000.
In just over a week, Bitcoin will become legal tender in El Salvador and we could potentially see Bitcoin break the psychological level of $ 50,000.
Ethereum’s EIP-1559 went live on August 5th (18 days ago) and 1,27,541 Eth ($ 407 million) has since been retired. A bull flag is forming on the daily charts and a breakout is imminent.
On the daily charts, Ethereum is trading between the USD 2,966 support and the USD 3,323 resistance. Ether appears to be strong versus Bitcoin and an upward move is expected in the coming weeks.
(The views and recommendations in this section are the analysts’ own views and recommendations and do not reflect those of ETMarkets.com. Please consult your financial advisor prior to entering into any position in any of the above assets.)