The global crypto market cap slipped below the $2 trillion mark, declining more than 5 per cent compared to the last day. However, the total crypto market volume moved about 4 per cent higher to $127.11 billion.
“The market has seen a price fluctuation in the last 24 hours. While Bitcoin, and other coins such as Ethereum, XRP, Cardano, etc have seen a slight dip, Solana performed fairly well. We see a lot of investors flocking to altcoins to extract substantial benefits as early Bitcoin investors did,” said Sharan Nair, Chief Business Officer, CoinSwitch Kuber.
Cryptocurrencies have made a sharp comeback with top-notch tokens leading the way. However, alternative coins have outperformed leaders like Bitcoin and Ethereum recently, thanks to a catch-up rally.
Austrian cryptocurrency broker Bitpanda said on Tuesday it had raised $263 million at a valuation of $4.1 billion in a funding round led by Valar Ventures, a venture capital firm founded by billionaire Peter Thiel.
Edul Patel, CEO and co-founder of Mudrex, said, “We witnessed profit booking across the entire crypto spectrum over the past 24 hours. Bitcoin fell below $45,000, which will now act as a psychological resistance level.”
Ether hovered close to the $3,000 mark. It was not a major sell-off, but traders appear to be cautious at the moment. Over the coming 24 hours, markets could remain a bit indecisive, he added.
Tech View by ZebPay Trade Desk
Polygon (MATIC) has zoomed 150% over the past month which means it has outperformed both BTC and ETH. This comes as MATIC remains a popular altcoin, and as the market recovers, we have witnessed good momentum and strong volume growth in the asset.
The newly integrated plasma chain provides better scalability, coupled with the integration of more than 80 new applications done over the past few months makes the protocol a force to be reckoned with. Industry experts have seen that DeFi investors are becoming generally optimistic towards Polygon and projects on top of the blockchain, which from a fundamental standpoint is a good sign.
Matic has witnessed a massive rally from $0.62 up to $1.56 surging almost by 151% within a month. The asset is resisting and the longer upper shadow indicates selling around $1.5 levels and has corrected by almost 20%.
Matic has strong support at $1.25. If the price rebounds off this level, the bulls will again try to resume the up move and if it fails to sustain the support then we can expect the prices to further slide to the next support which is at $1.
Support: $1.25, $1
Resistance: $1.55, $1.9
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.)