New Delhi: After a brief profit-taking period, the majority of cryptocurrencies traded with marginal profits on Monday.
Nine of the top 10 cryptocurrencies traded higher at 9:30 a.m. IST, led by XRP, Dogecoin and Polkadot, which rose 6 percent. The digital Bitcoin token Numero uno raced over the $ 51,000 mark.
Global crypto market cap rose over 3 percent to $ 2.33 trillion. Similarly, the total crypto market size declined 5 percent to $ 119.58 billion.
“The market has seen good momentum over the past 24 hours. The general market sentiment has been positive for the past 7 days, with BTC and ETH in the green. Others like XRP have also done well,” said Sharan Nair, Chief Business Officer, CoinSwitch-Kuber.
Edul Patel, CEO and co-founder of Mudrex, said this week is interesting for both Cardano and Solana, who have seen great rallies over the past few weeks. “Global crypto market cap reached a staggering $ 2.30 trillion, supported by massive demand from both institutional and retail investors,” he added.
The Indian government’s delay in finalizing cryptocurrency legislation has sparked intense lobbying, with authorities worrying about the risks posed by an unregulated segment with extreme price volatility that poses a threat to investors, many of whom use the instrument do not understand.
Tech View by Siddharth Menon, COO WazirX
Bitcoin formed a channel pattern in the weekly timeframe. It is currently trading near the bottom trendline of the channel, which makes the risk / reward ratio favorable for new investors. Support is expected at $ 35,000 towards the lower trendline and resistance is expected at $ 110,000 towards the upper trendline.
Bitcoin may take a few months to move towards the channel’s upper trendline, maybe next year. Another interesting indicator is the 21-day EMA (exponential moving average), also known as the bull market support line. Bitcoin is currently trading above the 21-day EMA, which is a positive sign.
Over the past few cycles, the 21-day EMA on a weekly timeframe has been one of the key indicators for predicting trends in the crypto markets. If Bitcoin holds above the 21-day EMA on the weekly timeframe chart, Ether could outperform Bitcoin and make new highs. Interesting infrastructure projects for smart contracts like Cardano, Solana, Avalanche and EOS could outperform Bitcoin in the coming weeks.
The total value locked in DeFi has hit new highs of over $ 150 billion. Oracles like the ChainLink and Band protocols, the backbone of DeFi, have seen a sharp increase in daily requests that drive demand for their tokens. With this disruption to the blockchain and decentralization, it is expected that DeFi dominance will increase across the crypto market.
Support: $ 1.04, $ 0.85
Resistance: $ 1.4, $ 1.65
The time is in UTC and the daily time frame is 12:00 PM – 12:00 PM UTC
(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.)