Six of the top 10 cryptocurrencies were trading at 9.30 IST. Binance Coin and Solana saw profits while XRP gained 9 percent.
The global cryptocurrency market capitalization jumped nearly 4 percent to $2.85 trillion. However, the total volume of the cryptocurrency market was almost flat at $97.46 billion.
The CoinDCX research team said that while the largest cryptocurrency exchanges are strong, their market dominance is waning as investors turn to altcoins.
“Over the past week, Ethereum hit another all-time high and Binance Coin is trading solidly in the green,” she added. “Solana has surpassed Tether and Cardano as the fourth largest cryptocurrency.”
Hitesh Malviya, founder of itsblockchain.com, said daily NFT offshore sales are beginning to consolidate, and there is a good chance the market may have found a bottom.
“Some NFT groups have rebounded 50-60% in the past few days, which indicates a possible reversal in the coming weeks,” he added.
Meanwhile, the Indian government is studying a middle course on cryptocurrencies, as it finalizes legislation on virtual assets that will be introduced in the upcoming winter session of Parliament. The hardline stance of a total ban on cryptocurrencies has not been found in view of the large investments in such tools by Indians, and it is also unlikely that these unregulated virtual currencies will be allowed as legal tender.
Tech View by Manoj Dalmia, founder of Proassetz Exchange
Bitcoin made a new life high at $66,998 on October 20, and has since gone into a correction phase and the price has since fallen below $59,000 in the following days.
But even this type of pullback cannot kill the inherent upside and in one of our previous reports, we mentioned that a break above $62,500 is needed for BTC to resume its strength.
This breakout occurred over the last weekend, thus the uptrend has resumed and Bitcoin is now on track to challenge its previous highs once again.
Technically, it broke out from the descending triangle consolidation area in the first week of November, followed by two important resistances at $62,500 and also at $63,500. This makes it bullish in the short term as well and this resistance will now act as support, above which one might enter long BTC trades.
(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.)