Ethereum Falls More than 5 Percent; some altcoins are seeing double-digit growth while others are ending in the red
The global cryptocurrency market appears to have cooled to around $ 2 trillion after its recent rally and has lost 2 percent in the past 24 hours. Trading volume between exchanges rose 8 percent as traders jumped into book profits.
Bitcoin (BTC), after briefly hitting $ 48,000 in the early hours of the morning yesterday, fell below $ 46,000 within the day as the bears offered strong resistance. However, BTC found support at $ 45,200 to track some of its losses and closed the day at $ 46,400, losing 2.5 percent overall. The 200-day moving average at $ 45,500 is likely to serve as support. BTC’s trading volume has remained stable while its dominance is now below 44 percent.
Ethereum (ETH) fell more than 5 percent for the day after failing to break the USD 3,300 resistance. It had a perfect retest at the $ 3,150 support level and ended the day at $ 3,210. Investors will be hoping that ETH will regain steam this week to retest its $ 3,300 psychological resistance.
Altcoins had a mixed day, with some losing last week’s gains while some seeing double-digit growth. Solana (SOL) emerged as the top performer with a plus of 21 percent, while Polkadot (DOT) and Terra (LUNA) gained over 12 percent in the last 24 hours. Ripple (XRP) and Stellar (XLM) lost more than 5 percent.
BTC has formed an ascending triangle and needs a daily close above $ 46,500 to continue the uptrend, while a closing price below that could potentially bring a price level of $ 42,000.
Top winners today:
- Audio (AUDIO): 105.4%
- Solana (SOL): 22.2%
- Phantom (FTM): 20.3%
Top Losers Today:
- Qtum (Qtum): -6.4%
- XinFin Network (XDC): -6.3%
- Ripple (XRP): -5.9%
The analysis only includes the top 100 coins from 9 a.m. IST
Crypto news at a glance:
- Bitcoin reward company GoSats has launched a cashback reward app that Indian customers can use to get paid back in Bitcoin when shopping at major brands such as Amazon, Starbucks and Flipkart.
- The Terra Virtua digital collector platform has migrated from the Ethereum blockchain to the Polygon scale 2 solution as part of its plan to create a more sustainable non-fungible token (NFT) ecosystem. This step potentially reduces the energy required to create a single NFT by more than 99 percent.
- Crypto staking service provider Figment has raised $ 50 million in a Series B funding round jointly led by Senator Investment Group and Liberty City Ventures to scale its team and support more blockchains for staking.
- Tech giant Microsoft has developed an Ethereum-based blockchain-based system called Argus to combat piracy. Argus aims to provide a trustworthy incentive mechanism while protecting the data collected by piracy reporters.
- The Swiss fintech company Leonteq has teamed up with ICF Bank, Germany’s leading securities trading bank, to offer 18 crypto-based assets to institutional investors in Germany and Austria.
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