Among the top 10 coins, XRP was the biggest loser, down nearly 3 percent. Solana shares also fell more than 2 percent. Ethereum, Binance Coin, and Dogecoin are all down more than 1 percent. Polkadot and Bitcoin marginally gained.
The markets have seen a steady recovery in the past 24 hours. Most of the top cryptocurrencies rose. Although the markets seem to have positive momentum, the weekends can be tough. As the total crypto market crosses $2 trillion, Bitcoin’s dominance has marginally declined. “It could be a great sign for altcoins,” said Edul Patel, CEO and co-founder of Mudrex.
The downside risk from the Evergrande crisis in China also improved investor sentiment. Earlier in the week, cryptocurrencies saw a sell-off with stocks as there was a risk of default by the real estate company. The effect of selling is still visible in the 7-day token returns which are still in the red.
Meanwhile, former Reserve Bank of India Governor De Subbarao said that the Central Bank Digital Currency (CBDC) should not be an interest bearing instrument as that would pose an existential threat to the banking system.
In an interview with ETMarkets.com, the former governor said that the intermediary function of commercial banks will come under pressure if the RBI’s CBDC becomes an interest bearing vehicle.
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The battle between the bears and the bulls continues as the asset hovers around $44,500. After BTC dropped below $40,000 on September 21, the asset is now trading above $44,350. Volume has seen an upward trend over the past few days. As when correcting the assets, they look more attractive, which is the reason for accepting the participants.
BTC has seen a sharp correction from its recent high of $52,944 to $39,600, a drop of nearly 25%. After this move, the asset got support at this level and saw some recovery. Technically, on the 12-hour time frame, BTC has made a “bullish Harami pattern” and is trading in a “upper and lower” formation.
The asset enjoys immediate resistance around $45,000 to $46,500. If it breaks the resistance in good volumes, we can expect Bitcoin to rise further to the 50K mark or else some consolidation or correction can be expected around these levels.
(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.)