Seven out of the top-10 cryptocurrencies were trading higher at 9.30 am. Only Polkadot, Cardano and Solana were trading lower. The global crypto market cap added more than a per cent, to reach $2.85 trillion, compared with the previous day. However, the crypto market volume tanked about 29 per cent to $125.67 billion.
Through a week of highs and lows, questions on Bitcoin’s volatility and threats of the bubble bursting have re-emerged, threatening the growing credibility of the digital asset industry, said the CoinDCX Research Team. “As global powerhouses like the US continue to embrace digital assets — with their upcoming ‘demystifying crypto’ committee hearing at Congress next week — the crypto economy will likely continue to strengthen its stance as a credible asset class,” it added.
Top exchanges have recorded a 200-500% jump in the number of day traders who make money merely by taking positions in various crypto assets. In all, there are about 105 million Indians who hold crypto assets, and the number of traders is a little over 1 million, according to exchanges.
US cryptocurrency exchange Coinbase Global Inc on Tuesday reported a nearly 30% fall in third-quarter trading volumes on a sequential basis, hit by lower volatility and declining prices for bitcoin and other cryptocurrencies.
Tech View by ZebPay Trade Desk
Litecoin, sometimes referred to as Bitcoin lite, is a crypto asset designed to offer an instant peer-to-peer exchange of value at economical rates. The coin is one of the oldest in the crypto market and has a large active community. The asset follows the tokenomics model by only allowing a limited amount of LTC to be minted. The circulating supply currently is about 82% of the total supply. Due to the all-upside market as well the high inflation, the asset rose to touch $300.
With Ripple launching a “financing hub” to support LTC, along with BTC and Ethereum, it continues to occupy a top place among the currencies. It ranks 14th in terms of market capitalisation. LTC, after correcting in September, started its upward journey from October and rallied over 100% to reach a high of $302.
LTC has strong support at $247 and if the price holds and sustains above this, the bulls might resume their movement. A break below the support could lead to further fall and the asset may slide to the next support level of $225. For a further rally, LTC would have to close above $300.
Support: $247, $225
Resistance: $280, $300
(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.)