New Delhi, India: Following a weekend bounce, major cryptocurrencies have continued to rise. Investors, on the other hand, made money in a couple of altcoins.
At 9.30 IST, six of the top ten cryptocurrencies were trading higher. Profit booking was seen in Binance Coin and Solana, while XRP gained 9%.
The worldwide crypto market capitalization increased by 4% to $2.85 trillion. The entire crypto market volume, however, remained practically unchanged at $97.46 billion.
According to the CoinDCX Research Team, while the largest cryptocurrency trades well, its market dominance is dwindling as investors turn to altcoins.
“Over the last week, Ethereum hit a new all-time high, and Binance Coin traded firmly in the greens,” the report continued. “Solana has surpassed Tether and Cardano to become the fourth most valuable cryptocurrency.”
Daily NFT sales volume on open-sea has begun to consolidate, indicating that the market has likely reached a bottom, according to Hitesh Malviya, founder of itsblockchain.com.
Meanwhile, the Indian government is considering a middle ground on cryptocurrencies as it finalises legislation to be submitted in Parliament during the upcoming winter session. Due to huge investments in such products by Indians, a hard-line attitude for an absolute ban on cryptos is not considered viable, and these unregulated virtual currencies are unlikely to be accepted as legal cash.
Manoj Dalmia, Founder of Proassetz Exchange, shares his thoughts on technology.
Bitcoin hit a new all-time high of $66,998 on October 20th, but it has since started a retracement phase, with prices dropping below $59,000 in the days since.
Even still, the intrinsic uptrend could not be killed, and in one of our prior reports, we stated that a breakout over $62,500 was required for BTC to regain its strength.
This breakout occurred over the weekend, and as a result, the uptrend has continued, and Bitcoin is currently on its way to reclaim its previous life high.
In terms of technical analysis, it broke out of a descending triangle consolidation zone in the first week of November, followed by two significant resistance levels at $62,500 and $63,500. This is bullish for the near term, and these resistances will now operate as support, over which long positions in BTC can be taken.