New Delhi: Major cryptocurrencies traded higher on Monday as investors continued to toss altcoins through crypto giants. All of the top 10 cryptocurrencies were higher at 9:30 a.m. IST, led by Cardano, which was up 12 percent.
Global crypto market cap soared above $ 2.15 trillion, up 3.31 percent from the previous day. However, the total crypto market size fell about 5 percent to $ 100.75 billion.
The past 24 hours have been a fantastic session for the cryptocurrency markets. Bitcoin rejected the bearish presence and shot above the coveted $ 50,000 mark, said Edul Patel, CEO and co-founder of Mudrex.
“That mark was previously exceeded when BTC shot to over $ 64,000 in mid-May. Altcoins had relatively less movement as most of the action took place in the highest cryptocurrency by market cap. We could soon see altcoins make a bigger move, ”he added.
Asian countries outperform the rest of the world when it comes to adopting cryptocurrencies. According to a recent analysis by market research firm Finder, the five largest nations when it comes to owning Bitcoin are all in Asia. Most of them were considered unimportant in the cryptocurrency industry; However, a recent study contradicts the same.
Argentine soccer star Lionel Messi has launched his own collection of non-fungible tokens (NFTs), crypto-art created with his image by digital designer BossLogic that went live on Friday.
Tech View by Siddharth Menon, COO, WazirX
Bitcoin is currently trading near the main psychological level of $ 50,000. On the daily charts, Bitcoin is trading at the first resistance at $ 49,200 and when we break through $ 50,000 the second resistance is seen at $ 61,000. We have 1st support down to $ 45,000 and 2nd support level could be as low as $ 41,000.
Ethereum’s EIP-1559 went live on August 5th (18 days ago) and 74,927 Eth ($ 230 million) have since been burned (withdrawn). On the daily charts, Ethereum is trading between the USD 2,966 support and the USD 3,323 resistance. With the supply of Ethereum decreasing and the demand increasing, Ethereum is certainly ready for a try.
The markets are currently favoring alternative coins or altcoins. Ether seems to be strong against Bitcoin as the funds chase the old king, around 7% of the ether supply is used for ETH 2.0. Many of the top 10 crypto tokens like SOL and ADA hit a new ATH (all-time high) in the past week. This is a sign of the continuation of the bull run.
(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.)