New Delhi: Cryptocurrency cart was back on the roll on Thursday as investors returned to digital tokens. Barring dollar pegged tokens, all top cryptocurrencies were trading higher at 9.30 hours IST.
After a non-stop bull run, Solana has lost steam. On the other hand, Ethereum, Dogecoin and Cardano posted double-digit gains. Binance Coins and Polkadot added 7 per cent each.
The global crypto market cap jumped to a hovering $2.22 trillion mark, gaining about 7 per cent compared to the last day. On the other hand, the total crypto market volume edged up a per cent to $127.72 billion.
Global cryptocurrency exchange Binance’s founder and chief executive officer Changpeng Zhao said that its US arm could have an initial public offering in the next three years, The Information reported.
ETH has been on a spree and has crossed the $3,700 mark, as it continues to rally and approach the psychological resistance level of $4,000. BTC on the other hand, has been consolidating just below the $50,000 mark, said ZebPay Trade Desk.
“Interestingly though, while BTC seems to be consolidating, several other altcoins have been witnessing a surge in prices. ETH hit a new all-time high against BTC, and is currently the most favoured asset in the space. The overall cryptocurrency market capitalization shows a bullish pattern with constant higher lows and higher highs,” it added.
The top US securities regulator on Wednesday sued the founder of the now-defunct cryptocurrency exchange platform BitConnect over his alleged role in fraudulently raising about $2 billion from thousands of retail investors.
Back home, the income tax department as well as investors are in a quandary over how to calculate gains on cryptocurrency for taxation purposes, especially since tax laws flounder and conflict against certain regulations and tax is calculated on the value declared by the assessee.
Tech View by Giottus Cryptocurrency Exchange
Polkadot (DOT) is among the top 10 cryptocurrencies by market capitalization and has been notably correlated to BTC’s price action. The network uses an environment-friendly proof-of-stake consensus algorithm.
It is a sharded multi-chain architecture that facilitates external networks and customized layer one “parachains” to interact, building an interconnected internet of blockchains.
Lately, DOT has had one of its best rallies and is gaining incredible volumes, making it highly bullish. DOT broke down from an ascending channel almost a week ago, but soon re-entered the channel. Now, DOT is heading towards a cluster resistance, which if broken will be further bullish.
Market capitalization and Rank: $550mn (123)
DOT is making higher highs after breaking out from descending wedges in the hourly time frames. Traders can therefore expect some consolidation before its rally continues. The closest strong resistance from here is $33.4, while support can be found at $29.1. While DOT has been making an ascending channel since early August, it is to be noted that it will correlate with BTC’s price actions. Hence, it can change its price trend if BTC goes bearish.
Major levels
Support: $32.0, $29.1, $26.5
Resistance: $33.4, $34.3, $39.0
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.)
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