Except for Shiba Inu, which fell for another day on profit taking, nine of the top 10 cryptocurrencies were trading at 10.30 IST. Solana and XRP were the biggest gainers, each up about 11 percent.
The global cryptocurrency market capitalization jumped about 3 percent, to $2.73 trillion, compared to the previous day. However, the total volume of the cryptocurrency market was largely flat at $129.42 billion.
The total volume in DeFi is currently $18.79 billion, 14.52 percent of the total 24-hour crypto market size. All stablecoins now have a volume of $98.31 billion, which is 75.96 percent of the total 24-hour crypto market volume. Bitcoin dominance is at 43.55 percent, down 0.17 percent on the day.
Meanwhile, the Commonwealth Bank of Australia said it would become the first bank in the country to offer crypto services to retail clients, Australia’s largest bank said on Wednesday, marking a change in a sector that has refused to deal with cryptocurrency providers.
This is contrary to the position taken by most Indian banks, which have effectively banned cryptocurrency trading using their infrastructure.
Tech Show by ZebPay Trade Desk
Polkadot (DOT) surged more than 13% and hit a new all-time high at $53.25 last night. The asset has a market capitalization of $50 billion and ranks eighth. Over the past couple of days, the asset has seen good inflows and nearly doubled in size. The open interest rate in the DOT futures market is up 18.51% and in the perpetual market it is up 14.70%. DOT is now facing heavy psychological resistance at $60, and if it crosses that mark, there could be another rally
It was expected.
The DOT has been trading in a “bullish channel” pattern and is up almost 80% in the last month. After encountering heavy resistance around $45, the asset started consolidating between $45-$40. However, DOT finally gave a break above the channel and reached a new all-time high at $53.35. Prices are trading well above the 20-day moving averages and the Relative Strength Index (RSI) is 70, which indicates the strength of the trend. If the DOT stabilizes above $50, we can expect the asset to rise to the next resistance at $60.
(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.)