Five out of the top 10 cryptocurrencies were trading higher at 9.30 hours IST. Solana soared over 23 per cent in the last 24 hours, which shows that the ongoing rally has more legs.
uno digital token Bitcoin raced past the $52,000 mark.
The global crypto market cap increased over a per cent to $2.36 trillion mark compared to the last day. However, the total crypto market volume rose rapidly over 18 per cent to $141.47 billion.
Bitcoin has been making waves in the market over the past few days. Similarly, Ether saw an upward trend in performance. The higher price moves in cryptocurrencies coincide with a rally in global stocks this week, signalling greater appetite for risk among investors, said CoinDCX Research Team.
Bitcoin market capitalization is approaching the $1 trillion mark as the price of the asset approaches $53,000 level. ETH, in terms of market capitalization, is currently at $465 billion and trades at $3,950.
Altcoins have also been rallying over the past week, pushing the overall crypto market cap to approximately $2.4 trillion. Today is an important day for BTC as El Salvador has become the first sovereign country to launch BTC as legal tender, ZebPay Trade Desk said.
“This is likely to be closely monitored by other nations to see how operationally feasible this act is. As the supply of Bitcoin, the upward price pressure on the asset seems to be increasing, causing it to become more valuable, as demand continues to persist,” it added.
Binance, one of the world’s largest cryptocurrency exchanges, said it will restrict its services in Singapore days after the city state’s central bank said it should stop offering payment services.
Tech View by Giottus Cryptocurrency Exchange
Solana, often dubbed an “Ethereum killer”, is a blockchain platform capable of supporting DeFi, NFT and several other projects. Its token – SOL – has had a great run going from under $25 in July to over $172 as of today morning, a near 7x in less than 2 months.
SOL broke its $150 resistance with considerable volumes, decisively flipping it to support on its backtest. While its RSI is fairly bullish with levels of over 55, it is also overbought, hovering above 80 for several days now.
As SOL continues to form higher lows, it is difficult to call its top with conviction. However, with its MACD indicating that bullishness may be past its peak and subsequent support levels at $150 and $125, SOL may offer opportunities to buy on dips while it continues its further uptrend in the coming days or weeks.
Its 20-day moving average is currently hovering at $104-110 and is expected to align with its support of $125 in the following days. In case of an extended Bitcoin run towards $58,000, SOL may continue its uptrend after a quick bounce from its $160 local resistance, with $200 potentially on the cards.
Major Levels
Support: $165, $150, $124
Resistance: $182, $200
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.)
