New Delhi: After a decent consolidation, major cryptocurrencies were back in the green with decent gains. Barring Solana, which lost as much as 8 per cent, eight out of the top 10 cryptocurrencies were trading higher at 9.30 hours IST. Polkadot led gainers with a rise of 15 per cent, whereas Binance Coin and Cardano added 6 per cent each.
The global crypto market cap increased more than 2 per cent to $2.14 trillion mark compared to the last day. However, the total crypto market volume tanked over 20 per cent to $142.88 billion.
A new cryptocurrency research team at Standard Chartered has predicted that Bitcoin will double in value and hit $100,000 by early next year and that it could be worth as much as $175,000 in the longer term.
“The last couple of days were full of developments as Bitcoin debuted as legal tender in EL Salvador. A flash crash followed after which Indian investors bought the dip. Now we see the market making a slight recovery,” said Sharan Nair, Chief Business Officer, CoinSwitch Kuber.
Reserve Bank of India Governor Shaktikanta Das has said the central bank wants credible answers on what would be the contribution of private cryptocurrencies to the Indian economy.
Australia’s third largest lender, National Australia Bank (NAB), defended itself on Thursday against criticism that it does not do business with any crypto currency provider, after those firms complained such conduct is anti-competitive.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 09.30 hours, IST 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, up 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: $1, up 0.01%
(Note: Price change in last 24 hours)
Tech View by ZebPay Trade Desk
ETH witnessed its first major correction after it started to rally post the mid-May sell off, as it fell from highs of $4,000 to $3,100 levels, before recovering later on. It was trading at $ 3,485.
During the fall, a good amount of profit booking was seen. Since then, however, investors have been buying at lower levels as the asset looks attractive. It is likely to be range-bound through the rest of the week.
ETH was consolidating and trading sideways in a range from $3,000 to $3,350 for the past three weeks. The asset finally gave a breakout on the upside and made a high of $4,027. However, the prices were struggling to breach and sustain above the $4k mark convincingly.
After resisting multiple times, ETH witnessed a sharp correction and fell almost by 24% and made a low of $3,026. Post this move, the asset is consolidating and trading in a narrow range from $3,400 to $3,550. ETH has a very strong support at $3,000. The lower longer shadow indicates buying at these levels. If prices hold and sustains above the support level, then we could expect the bulls to resume the up move.
Support: $2,950, $2,650
Resistance: $3,700, $4,000
(Time is in UTC and the daily time frame is 12:00 AM – 12:00 PM UTC)
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)