The global crypto market cap was hovering near the $2.10 trillion mark, gaining over a per cent compared to the last day. On the other hand, the total crypto market volume soared over 19 per cent to $127.36 billion.
“After a minor consolidation towards the beginning of the week, traded volumes shot up in the past 24 hours. It was a day of Altcoins as most Altcoins had a fantastic session,” Edul Patel, CEO and co-founder of Mudrex, said.
El Salvador’s Congress on Tuesday approved a law to create a $150 million fund to facilitate conversions from Bitcoin to US dollars ahead of the central American country’s planned adoption of the cryptocurrency as legal tender next week.
Thai cryptocurrency startup Zipmex has raised $41 million from the country’s fifth-largest lender, Bank of Ayudhya Pcl, as well as media firms, and plans to expand product offerings and its user base.
Back home, Indian banks are again allowing purchase of Bitcoin and other cryptocurrencies through their channels, easing curbs that they had imposed on such services.
BeyondLife.club, a venture between Rhiti Entertainment and GuardianLink.io, on Monday said Bollywood megastar Amitabh Bachchan will roll out his NFT (Non-Fungible Token) collection on the platform.
Tech View by ZebPay Trade Desk
1inch was launched in 2019 with the goal of helping users find best prices on assets across decentralized exchanges. Today, the 1inch network is a collection of decentralized protocols with a DeFi aggregator and an Automated Market Making protocol or AMM.
In December last year, 1inch introduced its 1inch governance token. The 1inch Network was to be governed by a decentralized autonomous organization (DAO). It allows 1inch users to vote for specific protocol settings, which engages users and also gives them a say in the development of the asset, using the (DAO) model.
Market capitalization and Rank: $550mn (123)
1Inch is trading in an uptrend and has surged almost by 123% from its recent bottom of $1.618 up to $3.622. The asset is facing resistance around $4 (38.2% Fibonacci Retracement Level) whereas the ascending trendline is acting as a support for the asset.
If prices breach the resistance with good volumes, then we can expect another rally up to $5.5 and if the prices break the ascending trendline on the lower side then we can expect the asset to drop to the next support level which is at $2.58
Support: $2.58, $2.80,
Resistance: $4, $5.5
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.)