Excluding stablecoins pegged to the dollar and Musk’s favorite Dogecoin, the remaining seven out of the top 10 altcoins traded at 9.45 hours IST. Solana and XRP jumped 3 percent each, while Dogecoin lost 2 percent.
The global cryptocurrency market cap increased by 2 percent to $2.63 trillion compared to the previous day. However, the total volume of the cryptocurrency market decreased by more than 1% to $98.11 billion.
ZebPay Trade Desk said bitcoin’s rally was driven by increased institutional demand after the launch of bitcoin-linked ETFs in the US last week.
“Likewise, the derivatives market is heating up with higher funding rates as Bitcoin goes up,” he added. “The majority of the market is down in the green.”
MasterCard said it will allow partners on its network to enable its customers to buy, sell and hold cryptocurrencies using a digital wallet, as well as reward them with digital currencies under loyalty programs.
Tech Show by Giottus Cryptocurrency Exchange
With the unrestricted growth of the crypto ecosystem and the large number of exchanges available to users, the 1-inch network is solving an important problem. It is an aggregator of decentralized exchanges, allowing users to find the best prices for their trading pairs globally. Its 1INCH token is a solid performer, representing its growing and vibrant ecosystem.
1INCH has seen a solid performance in the past month, doubling from $2.2 to $4.5 since late September. The $4 support level also meets some of the key daily levels from September, and the 10-day moving average, providing a profitable entry point for long targets. 1INCH is currently trading just above this key level.
With the RSI value in the 1950s and the MACD indicating a bullish crossover, 1 inch definitely has the fuel for another rally. Thus, traders may watch for the current support levels to remain, otherwise $3.65 may be the level to watch. On its way up, 1INCH is likely to find resistance at $4.28 and $4.5
Support: $4, $3.65, $3.37
Resistance: $4.28, $4.5, $4.9
(The time is in 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.)