Major cryptocurrencies continued their upward trend on Monday, following a decent rally on the weekend. However, investors took profits off the table in some currencies. Seven out of top 10 cryptocurrencies were trading higher at 9.30 hours IST, led by Dogecoin which gained as much as 13 per cent.
The global crypto market cap topped the $2 trillion market, more than a per cent higher compared to the last day. Also, the total crypto market volume moved over 2 per cent higher to $113.61 b.
Crypto traders have yet to meaningfully pile on leverage – essentially, borrowed money that can amplify returns or losses – as they have in past rallies.
Momentum across the crypto market is strongly positive. During the initial half of the weekend, the markets were searching for support, said Edul Patel, CEO and Co-founder of Mudrex. “However, over the last 24 hours, things have heated up with BTC inching closer to $48,000. ETH is also looking pretty good after going past $3,300. We ar ..
Tech View by Siddharth Menon, COO, WazirX
Bitcoin has formed a classic flag-pole pattern on the weekly time frame. It has broken out of the flag pattern and is ready to resume its uptrend. We should not be surprised if it forms higher highs and higher lows from hereon. The crypto market looks strong and every dip has been bought in the last week.
Key levels on weekly timeframe:
Ethereum has broken out of the rectangle pattern after a long consolidation of 14 weeks. After the EIP-1559 upgrade Ether looks more attractive than ever before and may be one of the reasons for the breakout. Ether is continuously outperforming Bitcoin in this cycle that started after the Mar 2020 crash last year.
Ether gained 3000% vs Bitcoin’s 1000% rally in the same time period. Bitcoin’s dominance has come down from 64% to 44% in this bull run. Quality projects like Ether and DEFI-based projects are helping the Alt market to grow.
Cardano managed to climb up in the top 3 last week, gaining 43% vs Bitcoin’s 3.8% rise. Some of investors’ favourite tokens, BNB and DOT, gained 13% and 5%, respectively in the past week.
(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.)