2021-08-11 06:22:20

Crypto Market Settles at 1.88 Tn as Key Altcoins Log in Gains

Global crypto market stabilised around $1.88 trillion today with a marginal increase of 1.1 per cent as of 9 am IST as uncertainties over the surge in Delta variant cases prevailed in financial markets. This growth was largely led by key altcoins Cardano (ADA), Binance Coin (BNB) and Ripple (XRP). Trade volumes remained stagnant with a neutral outlook on the market.

After sailing past its 200-day moving average at $45,000, Bitcoin (BTC) faced minor resistance and declined by 0.5 per cent to close at $45,500. BTC has secured a daily close above the major psychological level at $45,000 for two consecutive days after bouncing back from its support level at $44,580 intra-day. BTC trade volumes dipped by a considerable 12 per cent across exchanges. However, according to data analytics platform Santiment, the amount of BTC stored in exchanges has reached the lowest level in 26 months indicating a strong demand for the cryptocurrency.

Ethereum (ETH) moved sideways to close at $3,150 with a marginal increase of 1.2 per cent in the last 24 hours. ETH’s overbought conditions amidst a reduced number of addresses made it stay below its resistance at $3,230 while it enjoys support at $3,050.

Major altcoins grew significantly, post recent price actions of BTC and ETH. Cardano (ADA) and Internet Computer (ICP) rallied a significant 15 per cent today while Ripple (XRP), Binance Coin (BNB) and Stellar (XLM) registered 7 to 9 per cent gains. ADA, touted as an emerging alternative to ETH, broke away from its range-bound actions to record a 15 percent increase ahead of its much-anticipated Alonzo Purple upgrade that provisions an integration of smart contracts.

BTC’s price movements will depend on the confidence asserted by investors in the asset. BTC needs to break past the $47,000 resistance to lead the market towards a $2 trillion market cap.

Top Gainers today:

  1. Axie Infinity (AXS): 58.0%
  2. Helium (HNT): 30.6%
  3. Ravencoin (RVN): 20.5%

Top Losers today:

  1. Chiliz (CHZ): -5.2%
  2. Harmony (ONE): -5.0%
  3. Telcoin (TEL): – 2.3%

The analysis includes the top 100 coins only as of 9 am IST

Source: CoinMarketCap

Crypto News at a Glance:

  1. Leading crypto exchange Coinbase has reported $2.23 billion in revenue driven by strong trade volumes and increased user adoption during the second quarter of 2021. Coinbase also reported higher trade volumes for Ethereum (26%) compared to Bitcoin (24%) for the first time in history.
  2. Cross-chain protocol Polynetwork has suffered one of the largest cryptocurrency hacks this week with hackers using an exploit to steal at least $600 million. Poly Network is an independent decentralized-finance (DeFi) platform that operates on the Binance Smart Chain, Ethereum and Polygon blockchains.
  3. Alchemy Pay, Singapore-based hybrid crypto-fiat platform, announced that it would be launching virtual crypto-linked cards by the end of 2021, accepting more than 40 cryptocurrencies including Bitcoin.
  4. The Tron foundation is launching a $300 million fund in partnership with APENFT and WINKLink that will invest in “play-to-earn” projects over the next three years. APENFT is a Tron-based non-fungible token (NFT) marketplace and WINKLink is a data oracle running on the Tron network.
  5. America’s largest theatre chain, AMC has announced that it will begin to accept Bitcoin as payment for tickets and concessions later this year.

DISCLAIMER: Views expressed are the author’s own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.

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