Crypto Market Dips Marginally as Bitcoin Revisits $45,000 Levels

The global cryptocurrency market seems to have cooled post its recent rally to around $2 trillion, losing 2 per cent in the last 24 hours. Trade volumes across exchanges rose by 8 per cent as traders jumped in to book profits.

Bitcoin (BTC), after briefly touching the $48,000 level in the early hours yesterday, fell below $46,000 intra-day as bears offered strong resistance. However, BTC found support at $45,200 to retrace some of its losses and closed the day at $46,400, losing 2.5 per cent overall. It’s 200-day moving average at $45,500 will likely act as support. BTC trade volumes remained stable while its dominance is now below 44 per cent.

Ethereum (ETH) dipped by more than 5 per cent intra-day after failing to break the $3,300 resistance. It did have a perfect retest at the $3,150 support level and finished the day at $3,210. Investors will hope that ETH gathers momentum to test its $3,300 psychological resistance again this week.

Altcoins had a mixed day with a few shedding last week’s gains while some enjoyed double-digit growth. Solana (SOL) emerged as the top performer with a 21 per cent gain while Polkadot (DOT) and Terra (LUNA) gained over 12 per cent in the last 24 hours. Ripple (XRP) and Stellar (XLM) lost more than 5 per cent.

BTC has formed an ascending triangle and needs a daily close above $46,500 to continue the uptrend whereas a close below could potentially bring $42,000 price levels to play.

Top Gainers today:

1. Audius (AUDIO): 105.4%
2. Solana (SOL): 22.2%
3. Fantom (FTM): 20.3%

Top Losers today:

1. Qtum (QTUM): -6.4%
2. XinFin Network (XDC): -6.3%
3. Ripple (XRP): -5.9%

The analysis includes the top 100 coins only as of 9 am IST

Source: CoinMarketCap

Crypto News at a Glance:

1. Bitcoin rewards company GoSats has launched a cashback rewards app that allows Indian customers to be paid back in Bitcoin while shopping at major brands including Amazon, Starbucks and Flipkart.
2. Digital collectibles platform Terra Virtua has migrated from Ethereum blockchain to scale 2 solution Polygon as a part of its plan to create a more sustainable non-fungible token (NFT) ecosystem. This move potentially reduces energy required to create a single NFT by more than 99 per cent.
3. Crypto staking service provider Figment has raised $50 million in a Series-B funding round co-led by Senator Investment Group and Liberty City Ventures to scale its team and support more blockchains for staking.
4. Tech giant Microsoft has developed an Ethereum blockchain-based system named Argus to combat piracy. Argus aims to provide a trustless incentive mechanism while protecting data collected from piracy reporters.
5. Swiss fintech firm Leonteq has partnered with ICF Bank, Germany’s leading securities trading bank, to bring 18 crypto-based assets to institutional investors across Germany and Austria.

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