Excluding stablecoins pegged to the US dollar, eight of the top 10 cryptocurrencies were trading with gains at 9.30 Indoch Time. Binance Coin gained up to 12 percent, while XRP gained more than 5 percent.
The global cryptocurrency market cap has jumped more than 4 percent to $1.92 trillion compared to the previous day. Similarly, the total size of the cryptocurrency market increased by more than 2 percent to $93.96 billion.
Ripple (XRP) is witnessing a battle between bulls and bears. ZebPay Trade Desk said the trend the asset has set for itself indicates some hesitation among investors and traders alike.
He added that volumes have been on the rise over the past few days, indicating that after a drop of about 12% last week, the assets are increasingly attainable and attractive to investors.
As the crypto-craze continues to grow around the world, Nikhil Kamath, co-founder of Zerodha and True Beacon, offers advice to crypto-crazy millennials.
Kamath suggested: “It’s okay to diversify your portfolio, but don’t put anything more than 1-5 percent of your net worth into it.”
Cryptographic cart: a quick look
Bitcoin: $43,641.52, up 3.40%
Ethereum: $3,033.68, up 4.66%
Cord: $1, down 0.02%
Cardano: $2.12, up 2%
Binance Coin: $380.45, up 11.60%
XRP: $0.9629, up 5.14%
Solana: $140.92, up 1.43%
Dollar coin: $1, down 0.02%
Polkadot: $28.43, up 3.40%
Dogecoin: $0.2045, up 2.31%
(Source: coinmarketcap.com, data as of 09:30 IST on Sep 30, 2021)
(Note: The price has changed in the last 24 hours)
Tech Show by Giottus Cryptocurrency Exchange
Chainlink (LINK) is a popular blockchain network. It is a decentralized oracle network that provides data feed for events off-chain i.e. off-chain data that helps companies and individuals to implement projects.
Recently, Chainlink announced a partnership with Cardano blockchain as an oracle service provider. LINK, a top 15 cryptocurrency, has risen well in this cycle and at some point has been decoupled from the Bitcoin price action.
LINK is currently trading below several key support levels – the 20-day, 50-day and nearly 100-day moving averages. LINK formed a head and shoulders pattern on the charts – a primary bearish pattern while trading below the $25.8 level, which previously served as a strong support throughout 2021.
However, with news of strong adoption coming in on the inclusion of a high-profile Arbitrum project on Ethereum, LINK may be ready to reverse the trend. It is currently at the bottom of a symmetrical triangle pattern as of May 2021.
supports: $19.6, $22.5, $22.7
resistance: $24.7, $25.8, $28.4
(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.)