The global cryptocurrency market stood at $1.57 trillion, registering a 1.7 per cent decline in the 24-hour period ending 9 am IST. Trade volumes backtracked by 8 per cent across exchanges as investors wait for Bitcoin (BTC) to regain momentum towards $42,000.
BTC continued its correction for the third consecutive day, declining 3 per cent in the last 24 hours to close at $38,600. BTC support levels are currently at $38,500 and $36,500. $41,000 is the next major resistance level. During the recent relief rally by BTC, data analytics firm Glassnode reported a 30 per cent surge in the number of active BTC addresses. This period also witnessed an accumulation by whales (investors with large amounts of a cryptocurrency) with 9.2 million BTC stored in among addresses with minimum 100 BTC.
Ethereum (ETH), the world’s second-largest cryptocurrency by market cap, has seen an impressive rally for 13 consecutive days. This extended rally comes in anticipation of the London hard fork, slated to go live tomorrow. ETH is currently trading at $2,535 with a marginal 1 per cent dip today.
Amongst the top 20 cryptocurrencies, Chainlink (LINK) and Bitcoin Cash (BCH) registered moderate gains, while the rest flashed red at day’s close. BTC continues to dominate the market share at 46.1 per cent.
Despite losing momentum in the past few days, BTC traders are optimistic, terming this downtrend as a healthy correction as on-chain metrics signaled an accumulation phase. If BTC is able to bounce back and break the resistance zone between $40,600 and $41,000, then it is likely to see a rally towards $46,000.
Top Gainers today:
Top Losers today:
The analysis includes the top 100 coins only as of 9 am IST.
Crypto News at a Glance:
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