Barring the dollar-pegged stablecoins and Musk’s favourite Dogecoin, the remaining seven out of the top 10 cryptocurrencies were trading higher at 9.45 hours IST. Solana and XRP jumped 3 per cent each, whereas Dogecoin gave up 2 per cent.
The global crypto market cap gained 2 per cent to $2.63 trillion mark compared to the last day. However, the total crypto market volume shed over a per cent to $98.11 billion.
The Bitcoin rally has been driven by an increase in institutional demand after Bitcoin-linked ETFs were rolled out in the US last week, said ZebPay Trade Desk.
“Similarly, the derivatives market too has been heating up with the funding rates going positive as Bitcoin moves higher,” it added. “Majority of the market blinked green.”
Mastercard Inc said it would allow partners on its network to enable their consumers to buy, sell and hold cryptocurrency using a digital wallet, as well as reward them with digital currencies under loyalty programs.
Tech View by Giottus Cryptocurrency Exchange
With the uninhibited growth of the crypto ecosystem and the plethora of exchanges available for users, 1inch Network solves an important problem. It is an aggregator of decentralized exchanges, allowing users to find the best prices for their trading pairs globally. Its token 1INCH is a strong performer, representing its growing and vibrant ecosystem.
1INCH has had a solid run the past month, doubling from $2.2 to $4.5 since late September. The $4 support level is also in confluence with some key daily levels from September, and its 10-day moving average, offering a lucrative entry point for long targets. 1INCH is currently trading just above this key level.
With an RSI value situated in the 50s, and MACD indicating a bullish crossover, 1 INCH certainly has the fuel for another rally. Traders may therefore watch for current support levels to hold, failing which, $3.65 may be a level to watch. On its way up, 1INCH is likely to find resistance at $4.28 and at $4.5
Major Levels
Support: $4, $3.65, $3.37
Resistance: $4.28, $4.5, $4.9
(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.)