In the 24 hours ending at 9 a.m. IST, the global cryptocurrency market remained stable at $1.54 trillion. It suffered a slight 0.6 per cent drop. With a 10% decline in the same period, crypto trading volumes have remained erratic.
Bitcoin’s Status
Bitcoin (BTC) fell 1.1 per cent to settle at $39,700, ending an eight-day winning streak. BTC has risen dramatically in the last week from a low of around $30,000. Therefore, aided by enormous transaction volumes that have increased by as much as 60% a day. On the other hand, BTC ran into resistance above $40,200, its 100-day moving average. Because investors are presently booking profits, BTC is anticipated to see modest increases over the next few days. BTC now has a market share of 48.4 per cent. Bitcoin’s price movements still rule the market.
Ethereum’s Status
At the day’s end, Ethereum (ETH), the second-largest cryptocurrency by market capitalisation, was trading at $2,280. ETH is down 0.9 per cent from the previous day. ETH will encounter selling pressure at the $2,350 resistance level, while $2,050 serves as support.
Winners and Losers
Today, the bulk of the top 20 cryptocurrencies were red as BTC failed to sustain its upward trend. After opening a new On-Demand Liquidity (ODL) payment corridor between Japan and the Philippines, Ripple (XRP) surged 9% today. Litecoin (LTC) and Polkadot (DOT) were among the winners. However, Chainlink (LINK) and Polygon (MATIC) suffered mild losses of up to 4%.
If BTC fails to maintain the $39,000 mark this week, expectations will drop to the $35,000 level. Similarly, a daily close over $40,500 opens the door to its 200-day moving average at $44,000.
