Top cryptocurrency prices today: Bitcoin nears $50,000; Terra, Avalanche gain up to 13%

New Delhi: The cryptocurrency market extended its gains on Wednesday as the appetite for riskier assets increased among investors. Bargain buys at lower levels has brought up a significant rally in digital tokens.

Barring the dollar-pegged Tether, all other nine out of the top 10 digital tokens were trading higher at 8.30 am IST. Avalanche zoomed 13 per cent, whereas Terra and XRP soared 11 per cent each.

Bitcoin, the numero uno digital token, inched towards the $50,000 mark once again, whereas its peer behemoth Ethereum was holding above $4,000 levels.

The global crypto market cap gained about 5 per cent to $2.30 trillion mark compared to the last day. However, the total crypto market volume dropped over 10 per cent to $85.04 billion.

What’s cooking in India?
Cryptocurrency players have suggested dual licenses for different types of crypto exchanges. Experts said the government will be extra careful while crafting regulations around exchanges.

Fiat on-ramp exchanges, which allow people to convert crypto into rupees and vice-versa, require separate rules and regulations from crypto wallets or exchanges, which only allow trading within the crypto universe, industry said.

Global updates
San Francisco-based crypto asset management platform Mudrex has launched an API-based crypto-as-a-service solution that enables both traditional and crypto-specific brokers, portfolio management services and fintech to provide secure crypto investment products.

Crypto-as-a-service offers KYC, regulatory and compliance monitoring to brokerages. Meanwhile, custody and processing of the cryptocurrency will be administered by Mudrex. The technological framework is entirely constructed and supported by the global platform.

Michael Jordan and his son Jeffrey are planning to develop a website where players may communicate with fans directly. ‘HEIR’ is the name of the platform, which was established on the crypto-based Solana blockchain. HEIR has funded $10 million to date and plans to launch in 2022.

Tech View from BuyUcoin cryptocurrency exchange
Polkadot’s price remained unchanged even after the mega launch of the Polkadot parachains auction. Polkadot is 46% down from its one-month high ($54). At the time of writing, Polkadot was up by 5.15%. It was getting support at $24 level but was moving in a downtrend.

In a 4-hour time frame, DOT/USD RSI looks stronger as it has gained some momentum and reached 53 level from 30 level which is a good signal. If bulls remain strong, then there is a possibility of a start of an uptrend, the pair could then rise toward $32, otherwise bears could take its price towards another support level i.e. $20.

(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.)