The global crypto market cap rose to $1.88 trillion, about 2 per cent higher compared to the last day. Also, the total crypto market volume remained flat at around $109.50 billion.
“The crypto market is witnessing a strong recovery. Bitcoin crossed the threshold of $45,000 and has been stable at that level for more than a week now. The buying sentiment is very strong for top cryptocurrencies like Ethereum, Litecoin, Cardano and Solana as well,” said Sharan Nair, Chief Business Officer, CoinSwitch Kuber.
Bitcoin rallied over 20% last week as it crossed the $46,000 mark and topped off at $46,450. This is the highest level the asset has been at since the mid-May sell-off. The rally was supported by good volumes and momentum, said analysts.
The jump in its values has also brought the target of $100,000 in the spotlight again. Traders on social media and analysts have started projecting Bitcoin’s rise to “the moon” and “infinity”.
The cryptocurrency is defying criticism over its toll on the environment and is advancing even as regulators around the world are promising tougher crackdowns. China, for one, has taken a number of steps to clamp down on crypto mining, among other things.
“Investors would be happy about Bitcoin staying above the $45,600 level and Ether above $3,150. Most of the Altcoins had a similar indecisive momentum. However, the gaming token Axie Infinity shot up more than 58% over the past 2 days. Cardano shot up too after a multi-week channel breakout,” Edul Patel, CEO and co-founder of Mudrex, an algorithm-based crypto trading platform.
Tech View by ZebPay Trade Desk
Atom is the native cryptocurrency token of Cosmos Network. Cosmos is a decentralized network of parallel independent blockchains, all powered by BFT consensus algorithms. Cosmos enables an ecosystem that can scale and integrate blockchains, through zones and provide a highly efficient, consistent, and secure infrastructure to transact.
Cosmos is working to solve scalability, interoperability, and usability limitations in blockchain technology, using lightning-fast and easy-to-deploy solutions. It provides secure P2P infrastructure, using Tendermints authentication system, and is a 100% open source, that enables the Cosmos network to act as the ‘internet of blockchains’.
Market Capitalization and Rank: $3.06bn (39)
As per the weekly chart, Atom post making ‘Hammer’ candle at $8.92 has surged by almost 65% by forming a ‘Higher Top Higher Bottom’ pattern up to $14.62. The asset has a strong resistance around $15 to $17. We can expect some profit booking from these levels. If the breakout or close occurs above the resistance with good volumes then we may see Atom further rally up to the $25 mark.
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.)