The global crypto market cap declined to $1.65 trillion, about 2 per cent higher compared to the last day. However, the total crypto market volume jumped 22 per cent to $100.09 billion.
After flirting with the $40,000 mark this week, Bitcoin is showing strong resistance at that threshold. The coin appears primed to near an inflection point soon.
The second-largest blockchain network, Ethereum, went through the much awaited ‘London Hard Fork’ software upgrade on Thursday, which is expected to stabilize transaction fees and reduce supply of the Ether token. The digital token reversed its losses.
It was a fantastic session for bluechips in cryptocurrencies. Bitcoin surpassed $40,000, Ethereum hovered around $2,800, said Edul Patel, CEO and co-founder of Mudrex.
“Ethereum’s traded volume surpassed Bitcoin across most exchanges. After such a fantastic rally, we might see some consolidation in the markets over the weekend,” he added.
Dan Finlay, co-founder and developer on MetaMask by ConsenSys, said from the protocol level to the user-facing wallet, there are a number of changes that can benefit users and developers on Ethereum.
Tech View by ZebPay Trade Desk
BNB is the native token of Binance which is the world’s largest and fastest-growing exchange. The bulls pushed Binance Coin (BNB) above the 50-day MA, at $310 on July 29 but they could not challenge the stiff resistance it faced at $340. This suggests that buying tends to fade up at higher levels.
Binance, being the largest crypto exchange, is likely to benefit from higher volumes, given the uptrend in the market, which would indirectly impact its underlying native coin, BNB, and this might be the reason why we are seeing the asset holding strong at these levels.
BNB, post making the low of $254, surged 36% and made a high of $347. The asset has made a ‘Shooting Star’ pattern at the crucial resistance of $345, where the longer upper shadow indicates selling or profit booking and has corrected by 9%.
Currently, BNB is consolidating and if the breakout or close occurs above the resistance with good volumes, then we can expect BNB to rally up to $380.
Major Levels
Support: $300, $255
Resistance: $345, $380
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.)
