xrp cryptocurrency price

Bitcoin price: Top cryptocurrency prices today: XRP, Dogecoin, Polkadot add up to 6%

Bitcoin price: Top cryptocurrency prices today: XRP, Dogecoin, Polkadot add up to 6%
Written by publisher team

New Delhi: After a brief period of profit taking, the majority of cryptocurrencies traded marginal gains on Monday.

Nine of the top 10 cryptocurrencies were trading at 9.30 IST, led by XRP, Dogecoin and Polkadot, which were up 6 percent. Bitcoin Numero uno has crossed the $51,000 mark.

The global cryptocurrency market capitalization increased by more than 3 percent to $2.33 trillion. Similarly, the total size of the crypto market decreased by 5 percent to $119.58 billion.

“The past 24 hours have seen good momentum in the market. Market sentiment has been generally bullish for the past seven days with BTC and ETH in the green. Other companies like XRP have also done well,” said Sharan Nair, Chief Business Officer. CoinSwitch Kuber.

Edul Patel, CEO and co-founder of Mudrex, said this week will be interesting for both Cardano and Solana, who have had impressive rallies in the past two weeks. He added, “The global market capitalization of cryptocurrencies has reached $2.30 trillion, fueled by massive demand from institutional and retail investors.”

The Indian government’s delay in finalizing legislation on cryptocurrency has led to intense pressure, as agencies have been concerned about risks arising from an unregulated sector with extreme price swings posing a threat to investors, many of whom do not understand the tool.

Technology Showcase by Siddharth Menon, COO of WazirX
Bitcoin has formed a channel pattern on the weekly time frame. It is currently trading near the lower trend line of the channel which makes the risk and reward favorable for new investors. Support is expected at $35,000 toward the lower trend line and resistance is expected at $110,000 toward the higher trend line.

Bitcoin could take a couple of months to move towards the upper trend line of the channel, possibly next year. Another interesting indicator is the 21-day EMA (Exponential Moving Average) which is also called the bullish market support line. Currently, Bitcoin is trading above the 21-day moving average which is a positive sign.

In the past cycles, the 21-day exponential moving average on the weekly time frame has been one of the critical indicators for predicting trends in the cryptocurrency markets. If bitcoin holds above the 21-day moving average on the weekly time frame chart, ether could outperform bitcoin and make new highs. Interesting infrastructure projects catering to smart contracts such as Cardano, Solana, Avalanche, and EOS could outperform Bitcoin in the coming weeks.

The total value booked in DeFi has hit new highs, exceeding $150 billion. Oracles like ChainLink and Band Protocol, the backbone of DeFi, may see some serious daily demand growth fueling demand for their tokens. With this disruption to blockchain and decentralization, DeFi’s dominance in the overall crypto market is expected to grow.

main levels

supports: $1.04, $0.85

resistance: $1.4, $1.65

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.)


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