Six out of the top 10 cryptocurrencies were higher at 9.30 hours IST, whereas the remaining four tokens were trading in the red. Bitcoin rose 2 per cent, but Dogecoin tanked 4 per cent.
The global crypto market cap inched up marginally, hitting the $2.53 trillion mark compared to the last day. However, the total crypto market volume tanked over 10 per cent to $89.28 billion.
“With most currencies in the green zone, this week has been eventful for crypto investors and enthusiasts. The market anticipates BTC to set new records,” said Sharan Nair, Chief Business officer, CoinSwitch Kuber.
The cryptocurrency universe celebrated a landmark moment in the history of the asset class as the first-ever exchange-traded fund of Bitcoin started trading on the New York Stock Exchange on Tuesday.
The past 24 hours remained yet another eventful day for the cryptocurrency market. Bitcoin investors were closely tracking the price levels as it moved past the $63,000 mark, said Edul Patel, CEO and Co-founder, Mudrex.
“The volatility in the market is bound to go up over the coming days. We have witnessed a significant drop in trading volumes,” he added.
Tech View by ZebPay Trade Desk
Binance coin (BNB) is an in-house utility token of the world’s largest exchange, Binance. This week, the asset fared well and rallied around 12%. This rally is mostly caused by the $1 billion fund for the development of DApps projects on the Binance Smart Chain (BSC).
The asset now has regained 3rd place, with its market capitalization at $80 bn. This move manifests that large investors are still bullish on the token despite the regulatory crack down.
BNB post-taking support at $330 started its upward journey and surged almost by 50.5%. The asset faced stiff resistance around $450 (Neckline of the ‘Double Top or M’ pattern). However, last week, it gave a breakout and rallied up to $497.6. BNB has a very strong resistance zone from the psychological level of $500 to $518.5.
Currently, the asset is consolidating and hovering around $500. Once the breakout or close occurs above the resistance with good volumes, then we can expect the prices to further rally up to the $600 mark.
Support: $450, $390
Resistance: $520, $600
(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.)