New Delhi: After some decent consolidation, major cryptocurrencies were back in the green with decent gains. Aside from Solana, which lost up to 8 percent, eight of the top 10 cryptocurrencies were trading higher at 9:30 a.m. IST. Polkadot led the winners with a 15 percent increase, while Binance Coin and Cardano each added 6 percent.
Global crypto market cap rose more than 2 percent from last day to $ 2.14 trillion. However, the total crypto market volume rose over 20 percent to $ 142.88 billion.
A new cryptocurrency research team at Standard Chartered has predicted that Bitcoin’s value will double to $ 100,000 by early next year and that it could be worth up to $ 175,000 in the longer term.
“The last few days have been full of developments when Bitcoin debuted as legal tender in El Salvador. A flash crash followed, after which Indian investors bought the dip. Now we see the market recovering slightly, ”said Sharan Nair, Chief Business Officer, CoinSwitch-Kuber.
Reserve Bank of India Governor Shaktikanta Das said the central bank wants credible responses on the contribution of private cryptocurrencies to the Indian economy.
Australia’s third largest lender, National Australia Bank (NAB), defended itself on Thursday against criticism for not doing business with cryptocurrency providers after those companies complained about such behavior as anti-competitive.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 9:30 a.m., IS on September 10, 2021)
Bitcoin: $ 46,752, up 1.67%
Ethereum: $ 3,467.79, down 0.06%
Cardano: $ 2.56, up 5.97%
Binance Coin: $ 431.92, up 5.76%
Tether: $ 1, plus 0.02%
Solana: $ 192.87, down 7.81%
XRP: $ 1.14, up 4.18%
Dogecoin: $ 0.2565, up 1.39%
Polkadot: $ 31.78, up 14.85%
USD coin: USD 1, up 0.01%
(Note: price change in the last 24 hours)
Tech View from ZebPay Trade Desk
ETH saw its first major correction after starting a rally after the mid-May sell-off when it fell from highs of $ 4,000 to $ 3,100 before later rebounding. It was trading at $ 3,485.
A good profit booking was recorded in the fall. However, since then investors have been buying at lower levels as the asset looks attractive. It will likely be range pegged for the rest of the week.
ETMarkets.comETH consolidated and traded sideways in a range of $ 3,000 to $ 3,350 for the past three weeks. The asset eventually broke higher, reaching a high of $ 4,027. However, prices struggled to convincingly break through and maintain the $ 4,000 mark.
After resisting several times, ETH saw a sharp correction and fell nearly 24% to hit a low of $ 3,026. After this move, the asset will consolidate and trade in a narrow range of $ 3,400 to $ 3,550. ETH has very strong support at $ 3,000. The lower longer shadow indicates that these levels are being bought. If prices hold and hold above support levels, we might expect the bulls to continue their bullish move.
Support: $ 2,950, $ 2,650
Resistance: $ 3,700, $ 4,000
(The time is in UTC and the daily time frame is 12:00 p.m. – 12:00 p.m. UTC)
(The views and recommendations in this section are the analysts’ own views and recommendations and do not reflect those of ETMarkets.com. Please consult your financial advisor prior to entering into any position in any of the above assets.)