The global cryptocurrency market cap has decreased by as much as $2.30 trillion compared to the previous day. However, the total volume of the cryptocurrency market increased by more than 7 percent to $105.63 billion.
The second largest cryptocurrency by market capitalization, Ethereum, has been showing a sharp rally recently, ZebPay Trade Desk said.
She added, “The burning phenomenon arose with the EIP-1559 upgrade which tends to make ETH more deflationary, which is why in the long run it may benefit this asset.”
Bitcoin rose above $57,000 for the first time since May as speculators bet that the largest cryptocurrency will retest record levels reached earlier this year.
“Bitcoin soared to a 5-month high, gaining more than 30% in October. As economies around the world begin to reopen and speed the path back to recovery, a Bitcoin rally could be an indicator of investor confidence in the economy “Its rising position as an asset class,” the CoinDCX research team said.
Tech Show by Giottus Cryptocurrency Exchange
Launched in June 2019, Algorand (ALGO) is an open-source, permissionless blockchain network created by computer scientist and MIT professor Silvio Micali. Algorand enables developers to build their own blockchain-based protocol, with an edge over similar competitors in terms of scalability, security, and transaction speed.
El Salvador recently announced that it will use Algorand to build a blockchain ecosystem. After rising 150% to an all-time high of $2.55 in September in a matter of days, ALGO has since fallen back.
It made several lower highs and fell to $1.54 in the last week of September. This level provided support as the 0.66 Fibonacci retracement was, and the subsequent retracement was sharp. ALGO rose above $2 temporarily but failed to flip the resistance at $1.97. As a result, it continues to form a triangle on the 4 hour charts.
On its way down, it is currently facing a support confluence at $1.51-$1.6, between the Fibonacci retracement, the 50-day moving average, and several key daily levels. Investors can seize the opportunity if it drops further to $1.2 levels.
Support: $1.61, $1.54, $1.21
Resistance: $1.97, $2.02
(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.)