Barring stablecoins, all of the top digital tokens were trading higher on Monday. Dogecoin zoomed more than 8 per cent, whereas Avalanche surged 6 per cent. Bitcoin, Shiba Inu and Ethereum jumped 5 per cent each.
The global cryptocurrency market cap advanced to $2.11 trillion mark, gaining more than 4 per cent in the last 24 hours. Total cryptocurrency trading volume rallied almost 48 per cent to $91.55 billion.
The cryptocurrency market is on the verge of reversal as Bitcoin trades near a critical price level and the current momentum could be attributed to Luna’s recent purchase of Bitcoin, said WazirX Trade Desk.
What’s cooking in India?
Indians will begin paying a capital gains tax of 30 per cent on crypto transactions within just a week after Parliament passed a controversial tax proposal, sparking uproar and disappointment among those in the country’s crypto industry.
Mahindra & Mahindra (M&M) announced foraying into the Non-Fungible Token (NFT) market, becoming the first Indian automotive company to enter the space.
Over the weekend, Bollywood and Punjabi singer Daler Mehndi has marked his presence in the metaverse after buying a piece of land in the virtual world and naming it as ‘Balle Balle Land’.
Global updates
A non-fungible token created from Nelson Mandela’s original arrest warrant raised 1.9 million rand ($130,000) in an auction to help fund a heritage site that documents South Africa’s struggle for democracy.
Canadian musician Grimes is launching an “intergalactic children’s metaverse book”. The artist previously sold around $6 million worth of digital art after putting up a non-fungible token (NFT) collection in March 2021.
European Union lawmakers hailed a “new era in tech regulation” after passing legislation Friday that would enable massive fines on dominant players such as Alphabet’s Google and Amazon.
The Ministry of Digital Transformation of Ukraine is set to launch the MetaHistory NFT Museum, a blockchain-based chronicle of the Russian invasion of Ukraine.
Tech View by Proassetz Exchange
After a protracted consolidation in the range of $0.68 to $0.87, Ripple is on the verge of a long-term breakout on the daily chart.
There is one important resistance though at $0.88 and that will be its final hurdle before glory. Weight of evidence suggests that this level might be taken out in near future because the sector leader Bitcoin has already gone past its own corresponding resistance level at $45,000 (currently trading at $46,900).
So, there is no reason Ripple cannot follow through. In the short term, $0.822 is the support for Ripple and if it stays above that, the potential for upside remains alive.
Major levels
Support: $15, $14, $13.4
Resistance: $18, $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.)
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