New Delhi: The cryptocurrency cart traded mostly higher on Wednesday as investors continued buying after a round of consolidation. Six of the top 10 cryptocurrencies were trading higher at 9:30 a.m. IST.
After an uninterrupted bull run, investors in Solana posted gains. On the flip side, Polkadot gained up to 13 percent while Ethereum gained 6 percent.
Global crypto market capitalization hovered near the $ 2.10 trillion mark, up over 1 percent from the previous day. On the flip side, the total crypto market volume rose over 19 percent to $ 127.36 billion.
“After a slight consolidation earlier in the week, trading volumes have skyrocketed in the past 24 hours. It was an altcoins day as most of the altcoins had a fantastic session, ”said Edul Patel, CEO and co-founder of Mudrex.
El Salvador Congress passed a bill on Tuesday to create a $ 150 million fund to facilitate converting Bitcoin to US dollars before the Central American country is due to adopt cryptocurrency as legal tender next week.
Thai cryptocurrency startup Zipmex has raised $ 41 million from the country’s fifth largest lender, Bank of Ayudhya Pcl, and media companies, and plans to expand its product offering and user base.
At home, Indian banks are once again allowing Bitcoin and other cryptocurrencies to be purchased through their channels, easing the restrictions they had placed on such services.
BeyondLife.club, a company between Rhiti Entertainment and GuardianLink.io, announced Monday that Bollywood megastar Amitabh Bachchan will publish his NFT (Non-Fungible Token) collection on the platform.
Tech View from ZebPay Trade Desk
1inch was launched in 2019 with the aim of helping users find the best asset prices on decentralized exchanges. Today the 1inch network is a collection of decentralized protocols with a DeFi aggregator and an Automated Market Making Protocol or AMM.
In December last year, 1inch unveiled its 1inch governance token. The 1inch network should be managed by a decentralized autonomous organization (DAO). It allows 1inch users to vote for certain protocol settings, which includes the users and also gives them a say in the development of the asset, using the (DAO) model.
Market Capitalization and Rank: $ 550 million (123)
1Inch is trading on an uptrend, rising nearly 123% from its recent low of $ 1.618 to $ 3.622. The asset will encounter resistance at around $ 4 (38.2% Fibonacci Retracement Level) while the rising trendline acts as support for the asset.
If prices break the resistance with good volume we can expect another rally up to $ 5.5, and if prices break the rising trendline on the lower side, we can expect the asset to drop to the next support level, which is is $ 2.58
Support: $ 2.58, $ 2.80,
Resistance: $ 4, $ 5.5
The time is in UTC and the daily time frame is 12:00 PM – 12:00 PM 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.)