Five of the top 10 cryptocurrencies were trading at 9.30 IST. Solana is up more than 23 percent in the past 24 hours, showing that continued progress has more legs.
The uno digital currency Bitcoin has crossed the $52,000 mark.
The global cryptocurrency market capitalization has increased by more than 1% to $2.36 trillion compared to the previous day. However, the total volume of the cryptocurrency market increased at a speed of more than 18 percent to $141.47 billion.
Bitcoin has made waves in the market over the past few days. Similarly, Ether has seen an upward trend in performance. The CoinDCX research team said that higher price movements in cryptocurrencies coincided with a rally in global stocks this week, indicating an increase in risk appetite among investors.
Bitcoin’s market cap is approaching the $1 trillion mark with the asset’s price approaching the $53,000 level. ETH, by market capitalization, is currently at $465 billion and trading at $3,950.
Altcoins have also surged over the past week, pushing the total cryptocurrency market cap to nearly $2.4 trillion. ZebPay Trade Desk said today is an important day for Bitcoin as El Salvador became the first sovereign country to launch Bitcoin as legal tender.
“It is likely that this will be closely monitored by other countries to see how feasible this act is operationally. As Bitcoin is in supply, upward price pressure on the asset appears to be increasing, making it more valuable, as demand continues,” he added.
Binance, one of the world’s largest cryptocurrency exchanges, said it will restrict its services in Singapore, days after the city’s state central bank said it should stop offering payment services.
Tech Show by Giottus Cryptocurrency Exchange
Solana, often called the “Ethereum killer,” is a blockchain platform capable of supporting DeFi, NFT, and many other projects. Its token – SOL – has made an impressive trajectory from under $25 in July to over $172 as of this morning, nearly 7 times as much in less than two months.
SOL broke its $150 resistance in bulk, turning it decisively to back it up in backtesting. While the RSI is somewhat bullish with levels above 55, it is also overbought, hovering above 80 for several days now.
With SOL continuing to form higher lows, it is difficult to describe the top with conviction. However, with its MACD indicating that the uptrend may exceed its peak and subsequent support levels at $150 and $125, SOL may present buying opportunities on dips while continuing its additional upward trend in the coming days or weeks.
Its 20-day moving average is currently hovering at $104-110 and is expected to align with its $125 support in the following days. In the event of an extended Bitcoin run towards $58,000, SOL may continue its bullish trend after a quick bounce from the $160 local resistance, with $200 likely on the cards.
supports: $165, $150, $124
resistance: $182, $200
The time is UTC and the daily time frame is 12:00 AM – 12:00 PM UTC
(The opinions and recommendations in this section are those of the analysts and do not represent the opinions and recommendations of ETMarkets.com. Please consult your financial advisor before assuming any position on the said asset/s.)