Ethereum is expected to gain momentum, after recording huge capital outflows last month
The global crypto market cap remains at $1.43T, a minor increase of 0.6 per cent in the 24 hours, ending at 9am IST. The total crypto trading volume saw an increase of 6 per cent from the previous day, pointing to renewed buyer’s confidence in the broader market.
Continuing its rally from the previous day, Bitcoin (BTC) witnessed a reversal of fortunes at the start of the day, almost touching $36,000 before facing a rejection and closing at $34,400 with a 0.8 percent decline. BTC once again failed to close above the resistance level of $35,000 as sellers started to step in early morning today. However, it continues to be resilient, as it evades support levels of $32,600 and $30,270. Buyer’s confidence is reflected in the 1.4 per cent increase in BTC daily trading volume in the last 24 hours. Bitcoin’s market share is currently 45.0 per cent.
Ethereum (ETH) jumped above the $2,300 mark for the first time since mid-June. It ended the day with a 2.5 per cent gain to close at $2,260. As EIP-1559 blockchain update approaches, ETH is expected to gain momentum further, after recording huge capital outflows last month.
Uniswap (UNI) led growth among top altcoins with a 4 per cent gain, followed by modest gains from Bitcoin Cash (BCH), Chainlink (LINK), Litecoin (LTC) and Ripple (XRP). Internet Computer (ICP) registered a 5 per cent decline.
BTC is expected to gain momentum in the upcoming week if the trading volume continues to grow and it steers clear of the support levels.
Top gainers for today:
- Synthetix (SNX): 18.3%
- Compound (COMP): 16.0%
- The Graph (GRT): 8.5%
Top losers for today:
- Decred (DCR): -7.6%
- Internet Computer (ICP): -5.4%
- Revain (REV): -3.8%
Analysis includes top 100 coins only as of 9am IST
Source: CoinMarketCap
Crypto News at a Glance
- Leading NASDAQ listed crypto exchange Coinbase has announced its plan to extend its operations in India via a ‘tech hub’. Hiring plans for the proposed tech hub are in the pipeline too.
- Canadian Purpose Bitcoin ETF, one of the first-ever approved Bitcoin ETFs, continues to increase its holdings after the demand for the ETF resumed post the mid-May decrease. It currently holds 22,500 bitcoins worth approximately $775 million.
- Robinhood, one of the major global trading platforms, intends to go public via an IPO.
- A recent experiment from Glassnode, an on-chain market intelligence agency, showed DeFi’s (Decentralised Finance) increasing dependence on the US$ and has termed it as dangerous in the long run.