New Delhi: After a brief pause for a couple of days, major cryptocurrencies were back on the gaining track on Thursday. Barring dollar pegged tokens, all constituents of top 10 digital tokens were trading higher at 9.30 hours IST.
Polkadot,
Uniswap and
Ethereum led the gainers.
The global crypto market cap declined to $1.62 trillion, about 4 per cent higher compared to the last day. However, the total crypto market volume increased 8 per cent to $81.43 billion.
On the derivatives side, data suggests that Bitcoin whales have further added to their leveraged positions, as the Bitcoin price topped out at $42,600. Top traders across major exchanges capitalized on the opportunity and added leverage-long positions, which is very much a bullish indicator.
“Despite the dip in Bitcoin, optimism amongst the crypto community is still strong. The sentiment seems positive, as even at higher levels, we have witnessed buyers buying in, and not exiting their positions. This is also supported by a good on-chain metric, which indicates that activity has increased, which is also a bullish sign,” said ZebPay Trade Desk.
Post the London fork if the much anticipated ETH rally does set in, we can see ETH dominance move upward too. Even though Ethereum’s market capitalization is just 19% of the entire crypto market, its utilization in decentralized finance (DeFi) makes it a force to be reckoned with, it added.
RIT Capital Partners, the investment trust founded by Jacob Rothschild, is co-leading a funding round for crypto investment platform Aspen Digital intended to finance the creation of an online platform that would give wealthy investors a single portal to manage crypto investments.
Bitbns, an India-based cryptocurrency exchange, has offered to open a systematic investment plan in cryptocurrencies like Bitcoin and Ethereum for India’s medal winners Mirabai Chanu and PV Sindhu after they won silver and bronze medals, respectively, at the Tokyo Olympics.
Tech View by Giottus Cryptocurrency Exchange
Issued by the global exchange Binance, the Binance coin (BNB) was initially launched on the Ethereum blockchain before migrating to Binance’s own smart chain. It works as a utility token, with discounted trade on Binance, as a tool to invest in Initial Coin Offerings (ICO) on its Launchpad program, and is accepted as payment in certain service providers.
After a rally to around $700 in May this year, BNB formed a series of lower lows for weeks, eventually dropping to about $250. That Binance has been subject to regulatory hurdles in multiple territories recently hasn’t helped its cause. However, with increasing crypto adoption and volume, demand for BNB is increasing once again.
BNB bounced off an important trendline support yesterday, its 50-day EMA, signaling a bullish move ahead. This support acts as a lower trendline for both ascending channel and ascending wedge formation. BNB needs to break and stay above trendline resistance levels at $347 and $363, while enjoying support on lower levels at $317 and $305.
BNB seems to be in the accumulation zone in the daily time frame while attempting to break out of the $342-$363 resistance zone. A daily close above this zone can generate a strong bullish confirmation, while a close below the trendline will provide a bearish outlook that could possibly send BNB to below its recent bottom.
Major Levels
Support: $301, $252, $223
Resistance: $363, $410, $453
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.)