The global cryptocurrency market zoomed ahead to $2.09 trillion today as Bitcoin (BTC) broke the $48,000 level for the first time since May. Investor confidence in the market also seemed resurgent, with the crypto trade volumes surpassing $110 billion. The market rally was supported by an announcement by Coinbase to invest $500 million into cryptocurrencies.
BTC broke above several previous highs, having flipped $46,700 from resistance to support, and closed the day at $48,670, a gain of 3.5 per cent as of 10 am IST. BTC trade volumes remained stable at $36 billion today. BTC has rallied more than 60 per cent over the last month, although its dominance remains below 44 per cent as altcoins surge in growth. $50,000 will act as the next major resistance with possibilities of a sell-off at that point.
Ethereum (ETH) gained by 2.5 per cent today, testing its psychological resistance at $3,300. However, ETH has been unable to breach that level in the past week. It finds short-term support at $3,050.
All top 20 cryptocurrencies except Cardano (ADA) registered gains today, with Solana (SOL), Polkadot (DOT), and Polygon (MATIC) gaining by more than 8 per cent. Cardano (ADA), which hit an all-time-high (ATH) this week, had a modest day with a 0.5 per cent drop today.
Post this weekend, BTC is likely to test $50,000, and if a sell-off happens, BTC may drop back below $48,000 in the interim. Once $50,000 is breached and back-tested as support, BTC may rally towards $55,000.
Top Gainers today:
Top Losers today:
The analysis includes the top 100 coins only as of 10 am IST
Source: CoinMarketCap
Crypto News at a Glance:
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