The global crypto market cap raced past the $2.15 trillion mark, jumping 3.31 per cent compared to the last day. However, the total crypto market volume declined about 5 per cent to $100.75 billion.
The past 24 hours were nothing short of a fantastic session for the cryptocurrency markets. Bitcoin dismissed the bearish presence and shot past the coveted $50,000 mark, said Edul Patel, CEO and Co-founder of Mudrex.
“This mark was previously surpassed when BTC shot up to over $64,000 in mid-May. Altcoins had a relatively lesser movement as the bulk of the action happened in the topmost crypto by market cap. We might soon witness altcoins making a larger move,” he added.
Asian countries are outpacing the rest of the globe in terms of cryptocurrency adoption. According to a recent analysis from market research firm Finder, the top five nations in terms of Bitcoin ownership are all located in Asia. Most of them were considered unimportant in the cryptocurrency industry; however, a recent study contradicts the same.
Argentine soccer star Lionel Messi has launched his own collection of non-fungible tokens (NFTs), crypto art that was created with his image by digital designer BossLogic, which went live on Friday.
Tech View by Siddharth Menon, COO, WazirX
Bitcoin
Bitcoin is currently trading close to the major psychological level of $50,000. On the daily charts, Bitcoin is trading at the 1st resistance of $49,200 and if we break $50,000, the 2nd resistance is seen at $61,000. We have the 1st support all the way down to $45,000 & the 2nd support level could be at $41,000.
Ethereum
Ethereum’s EIP-1559 went live on August 5th (18 days ago) and 74,927 Eth ($230 million) have burned (taken out of circulation) since. On the daily charts, Ethereum is trading between the support of $2,966 and resistance of $3,323. With Ethereum’s supply dropping and the demand rising, Ethereum is surely ready for a runup.
The markets are currently favoring alternate coins or altcoins. Ether appears strong against Bitcoin as the funds are chasing the Alt king, around 7% of Ether supply is staked for ETH 2.0. Many of the top 10 crypto tokens like SOL and ADA made new ATH (All-Time High) in the past week. That is a sign of continuation of the bull run.
(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.)