The crypto market slumps slightly as Bitcoin revisits the $ 45,000 level

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:

  1. Audio (AUDIO): 105.4%
  2. Solana (SOL): 22.2%
  3. Phantom (FTM): 20.3%

Top Losers Today:

  1. Qtum (Qtum): -6.4%
  2. XinFin Network (XDC): -6.3%
  3. Ripple (XRP): -5.9%

The analysis only includes the top 100 coins from 9 a.m. IST

Source: CoinMarketCap

Crypto news at a glance:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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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