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The global crypto market cap topped the $2 trillion market, more than a per cent higher compared to the last day. Also, the total crypto market volume moved over 2 per cent higher to $113.61 billion.
Indian crypto startup Polygon said it is acquiring Hermez, a zero-knowledge (ZK) cryptography-based scaling project, in a deal that will cost the company $250 million. The company will pay the amount in MATIC tokens.
Crypto traders have yet to meaningfully pile on leverage – essentially, borrowed money that can amplify returns or losses – as they have in past rallies.
Momentum across the crypto market is strongly positive. During the initial half of the weekend, the markets were searching for support, said Edul Patel, CEO and Co-founder of Mudrex. “However, over the last 24 hours, things have heated up with BTC inching closer to $48,000. ETH is also looking pretty good after going past $3,300. We are likely to witness increased volatility over the coming 24 hours,” he added.
Tech View by Siddharth Menon, COO, WazirX
Bitcoin
Bitcoin has formed a classic flag-pole pattern on the weekly time frame. It has broken out of the flag pattern and is ready to resume its uptrend. We should not be surprised if it forms higher highs and higher lows from hereon. The crypto market looks strong and every dip has been bought in the last week.
Key levels on weekly timeframe:
Resistance: $63000
Support: $37350
Ethereum
Ethereum has broken out of the rectangle pattern after a long consolidation of 14 weeks. After the EIP-1559 upgrade Ether looks more attractive than ever before and may be one of the reasons for the breakout. Ether is continuously outperforming Bitcoin in this cycle that started after the Mar 2020 crash last year.
Ether gained 3000% vs Bitcoin’s 1000% rally in the same time period. Bitcoin’s dominance has come down from 64% to 44% in this bull run. Quality projects like Ether and DEFI-based projects are helping the Alt market to grow.
Cardano managed to climb up in the top 3 last week, gaining 43% vs Bitcoin’s 3.8% rise. Some of investors’ favourite tokens, BNB and DOT, gained 13% and 5%, respectively in the past week.
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.)
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