Cryptocurrencies such as XRP, Dogecoins, and Polkadot have increased by up to 6%.
Soon after the short profit taking period a majority of the cryptocurrencies started trading with marginal gains on Monday. There are cryptocurrencies like XRP, Dogecoins and Polkadot which gained up to 6 per cent. The top digital token Bitcoin went past the $51,000 mark. The global crypto market cap increased over 3 per cent to $2.33 trillion. The total crypto market volume decreased by 5 per cent to $119.58 billion.
“The last 24 hours have seen good momentum in the market. Overall market sentiment has been upbeat over the last 7 days with BTC and ETH in the green zone. Others like XRP have also done well,” said Sharan Nair, Chief Business officer, CoinSwitch Kuber. Edul Patel, CEO and co-founder of Mudrex stated this week would be interesting for both Cardano and Solano which saw some mind-blowing rallies in the last couple of weeks. “The global crypto market cap reached a staggering $2.30 trillion, aided by massive demand from both institutional and retail investors,” he mentioned.
The Indian Government being late in coming to a final decision on a legislation on cryptocurrency has created some tough importune with some agencies concerned about the risks emerging from an unregulated segment with price volatility with investors and most of them don’t even understand the instrument. Bitcoin has created a channel pattern on the weekly timeframe. At the present it is trading near the lower trendline of the channel which makes the risk-reward favourable for the new investors. This support is meant to be at $35,000 level towards the lower trendline and resistance is expected at $110,00 towards the upper trendline. It might take some time for Bitcoin to move towards the upper trendline of the channel. The 21-day EMA also known as the bull market support line. At the present, Bitcoin is trading above the 21-day EMA which seems to be a good sign.
If Bitcoin can sustain themselves above the 21-day EMA on the weekly timeframe chart, Ether might be able to steal the spotlight from Bitcoin and reach a new level. Oracles like ChainLink and Band Protocol, the strength of DeFi might witness some development in daily requests increasing the demand of their tokens. DeFi power is supposed to develop in the total crypto market.