New Delhi: Major cryptocurrencies continued to gain following a rally in the weekend. However, investors booked profits in a couple of altcoins.
The global crypto market cap jumped about 4 per cent to $2.85 trillion. However, the total crypto market volume was almost flat to $97.46 billion.
While the biggest cryptocurrency trades strong, its market dominance has been dipping as investors shift to altcoins, said CoinDCX Research Team.
“Over the past week, Ethereum scored another all-time high and Binance Coin traded strongly in the greens,” it added. “Solana surpassed Tether and Cardano to be the fourth largest crypto.”
Daily NFT sales volume on open-sea has started consolidating, and there is a good chance that the market had probably found a bottom, said Hitesh Malviya, Founder, itsblockchain.com.
“Some of the NFT collections had bounced by 50-60% in the past few days, which indicates a possible reversal in the coming weeks,” he added.
In the meantime, the Indian government is considering a middle path on cryptocurrencies, as it finalises legislation on the virtual asset to be introduced in the upcoming winter session of Parliament. The hard-line stance for an outright ban of cryptos is not being found feasible in view of large investments in such instruments by Indians, and these unregulated virtual currencies are also unlikely to be allowed as a legal tender.
Tech View by Manoj Dalmia, Founder, Proassetz Exchange
Bitcoin made a new life high at $66,998 on 20th Oct and since then it entered into a retracement phase and subsequently prices dipped below $59,000 in the following days.
But even this kind of pullback could not kill the inherent uptrend and in one of our previous reports, we mentioned that a breakout above $62,500 was required for BTC to resume strength.
This breakout happened in the recent weekend and consequently the uptrend resumed and Bitcoin is now on way to challenge its previous life high yet again.
Technically, it broke out of its descending triangle consolidation zone in the first week of November, followed by two important resistances at $62,500 and also at $63,500. This makes it bullish for the short term as well & these resistances will now act as support, above which one may enter long positions in BTC.
(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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