The global crypto market cap eased as much as a per cent to $2.30 trillion compared to the last day. However, the total crypto market volume rose more than 7 per cent to $105.63 billion.
The second-largest cryptocurrency by market capitalization, Ethereum, has shown a sharp rise recently, said ZebPay Trade Desk.
“The burning phenomenon came about with the EIP-1559 upgrade which tends to make ETH more deflationary, which is why over the longer term, this could benefit the asset,” it added.
Bitcoin climbed above $57,000 for the first time since May as speculators bet that the largest cryptocurrency will retest the record highs reached earlier this year.
“Bitcoin surged to a 5-month high, increasing by over 30% in October. As economies across the world begin to reopen and fast-track their road back to recovery, Bitcoin’s rally could be an indication of investor confidence in the global economy and its rising position as an asset class,” said CoinDCX Research Team.
Tech View by Giottus Cryptocurrency Exchange
Launched in June 2019, Algorand (ALGO) is a permission-less and open source blockchain network built by computer scientist and MIT professor Silvio Micali. Algorand enables developers to build their own blockchain-based protocol, with advantage over similar competitors in terms of scaling, security and transaction speeds.
El Salvador recently announced that it will use Algorand to build a blockchain ecosystem. After rising 150% to all-time-high of $2.55 in September in a matter of days, ALGO has shed value since.
It has registered several lower highs and dropped to $1.54 in the last week of September. This level offered support as its 0.66 fibonacci retracement, the subsequent bounce was steep. ALGO rose above $2 momentarily but failed to flip resistance at $1.97. As a result, it continues to form a triangle on 4H charts.
On its way down, it currently faces a confluence of support at the $1.51-$1.6 region, amongst its fibonacci retracement and 50-day moving average, and several key daily levels. Investors can grab the opportunity if it drops further to $1.2 levels.
Major Support
Support: $1.61, $1.54, $1.21
Resistance: $1.97, $2.02
(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.)