New Delhi, India: On Tuesday, major cryptocurrencies continued to rise, with Bitcoin reaching fresh lifetime highs. As investors’ attention turned from gold to the digital spectrum, other cryptocurrencies followed.
With the exception of the dollar-pegged stablecoins and Solana, all of the top ten cryptocurrencies were trading higher around 9.30 IST. Bitcoin, Cardano, and Dogecoin all gained 5%.
In comparison to the previous day, the worldwide crypto market cap increased by more than 3% to $2.94 trillion. The overall crypto market volume, on the other hand, increased by 27% to $123.51 billion.
Bitcoin and Ether hit new highs in Asian trade on Tuesday, bolstered by enthusiasm for cryptocurrency adoption and concerns about inflation.
Bitcoin has soared in the last two days after a tweet from DCG’s creator ripped the asset’s covers off, bringing it to fresh all-time highs. According to ZebPay Trade Desk, the surge was broad, with big tokens leading the way.
“We expect a considerable bit of volatility to persist over the next few days, as the market appears to be a little inflated at this point, and a correction is unavoidable. Profit booking is expected if this occurs “It was also added.
The growing demand for Ethereum has triggered a surge in Solana, Ethereum’s main competitor, which has generated extraordinary results this calendar year.
Meanwhile, in India, the market for non-fungible tokens (NFTs) — a sort of crypto asset in which each token is completely unique – is gaining traction, with superstars like Amitabh Bachchan, Kamal Haasan, and Salman Khan joining on board.
Giottus Cryptocurrency Exchange’s Tech View
Chilliz is the foundation for many celebrity-backed NFTs and fan tokens (CHZ). In a year when the concepts have swept the globe by storm, the blockchain network geared at retail consumers has been a pioneer of this crypto category, launching fan tokens, loyalty coins, and NFTs. Chiliz provides blockchain-based technologies for sports and entertainment organisations to monetize and increase engagement.
CHZ, the platform’s token, has risen in value in response to the increased demand for this category. This year, it hit many all-time highs before a September correction brought its value down to $0.25. Following an over 100 percent run up, it has been consolidating in the $0.44-$0.5 region for some time and appears to be on the cusp of a breakout, following many challenges of support levels around $0.46 and $0.4-$0.42.
Since the beginning of November, CHZ has been exhibiting bullish divergence on its relative strength index (RSI) while completing a symmetrical triangle. Resistances of $0.49, $0.52, and $0.56 will be tested if the price breaks to the upside.
CHZ is likely to challenge its ATH of $0.65 again, since consolidation has been positive so far, and other signs are lined up for a bullish pattern. Based on the symmetrical triangle’s aims, a new ATH of $0.72 might be reached in the coming weeks if it continues to break upwards. $1 is in the cards for long-term investors.