Among the top 10 coins, XRP was the biggest loser, down nearly 3 per cent. Solana also fell over 2 per cent. Ethereum, Binance Coin and Dogecoin were down over 1 per cent each. Polkadot and Bitcoin gained marginally.
“The markets witnessed a steady recovery over the past 24 hours. Most of the top cryptocurrencies went higher. Although the markets appeared to be having a positive momentum, the weekends could be tricky. As the total crypto market surpassed $2 trillion, Bitcoin dominance marginally declined. It could be a great sign for altcoins,” said Edul Patel, CEO and Co-founder of Mudrex.
Declining risk over Evergrande crisis in China also improved investor morale. Earlier in the week, cryptocurrencies saw a sell-off along with equities as there was a risk of default by the real estate company. The impact of the sell-off is still visible in 7-day returns of tokens which are still in red.
Meanwhile, former RBI Governor D Subbarao said central bank digital currency (CBDC) must not be an interest-bearing instrument as that would pose an existential threat to the banking system.
In an interview with ETMarkets.com, the former governor said the intermediary function of commercial banks would come under stress if the CBDC offered by RBI becomes an interest-bearing instrument.
Tech View by ZebPay Trade Desk
The battle between bears and bulls continues as the asset hovers around $44,500. After BTC dropped below $40,000 on Sept 21, the asset now trades above $44,350. Volumes have seen an uptrend movement over the past few days. As when assets correct, they look a lot more attractive, which is why participants buy-in.
BTC witnessed a sharp correction from its recent high of $52,944 to $39,600, a fall of almost 25%. Post this move, the asset has taken support at this level and has seen some recovery. Technically, on the 12-hour timeframe, BTC has made a ‘Bullish Harami Pattern’ and is trading in a ‘Higher Top Higher Bottom’ formation.
The asset has an immediate resistance at around $45,000 to $46,500. If it breaks the resistance with good volumes, then we can expect BTC to further rally up to the 50k mark or else some consolidation or correction can be expected around these levels.
(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.)
