New Delhi: The cryptocurrency cartel staged a smart recovery on Friday after profit booking by traders in the last few sessions. Traders lapped up cryptos ahead of the weekend, where they are the only tradable assets.
Barring the XRP, all nine out of the top 10 digital tokens were trading higher at 9.30 IST. Cardano led the gainers, with a 9 per cent rally. Bitcoin and Ethereum also logged handsome gains.
The global cryptos’ market cap inched up marginally to hover around $2.6 trillion mark compared to the last day. However, the total crypto market volume fell over 9 per cent to $114.04 billion.
The crypto market moved in a range-bound zone over the past 24 hours. This consolidation helps remove the bad actors from the market, said Edul Patel, CEO and Co-founder, Mudrex.
“The total traded volumes dropped by almost 10 per cent, as is usual towards the end of the week. Over coming couple of days, we can expect the market to remain range-bound,” he added.
Crypto in India
Cryptocurrency exchanges are turning to targeted advertising and marketing campaigns to soothe the nerves of investors who are exiting their investments amid regulatory uncertainty over the virtual currencies.
Also, billiards and snooker world champion Pankaj Advani has joined the bandwagon of celebrities encashing the newfound interest in non-fungible tokens (NFT).
Facebook reversed its longstanding stance on banning crypto advertising on its platform, taking another step towards embracing and adopting the digital asset industry, CoinDCX Research Team said.
“Following the company’s attempt to launch Libra, its rebrand to Meta, and now permitting crypto ads, Facebook’s progressive step is an encouraging move for the digital asset sector,” it added.
Goldman Sachs is also seeing the value in the crypto options markets as a way in for institutional adoption, the interest and value of the crypto industry is evidence of its long-term position in the future of finance, tech and business.
El Salvador is building a new city. The concept of this unique city is duly backed by Bitcoin, the world’s largest crypto player in terms of market capitalization.
Price change in last 24 hours
Tech View by ZebPay Trade Desk
Polygon (MATIC) has witnessed a strong rally last week, when it surged to $2.25 from $1.78 over a span of just 48-hours. The asset has a market capitalization of $14.8 billion and is ranked 15th.
Polygon seems to be holding on to the upward trend quite strongly, and the inflows that the asset has seen off late supports this claim. Ultimately, Polygon aims to solve the scalability issues on the Ethereum network, which has suffered from congestion and high fees.
Matic witnessed a sharp correction in May this year after making the life high of $2.82 and the prices dropped to $0.6221. Post this move, the asset is in a recovery mode and the prices surged almost by 250% making the high of $2.22 in October.
Technically, on the daily time frame, Matic has formed a broad ‘Symmetrical Triangle’ pattern where the rising sloping line acts as support and the upper sloping line acts as resistance. The asset has given a breakout on the upside but it is struggling to sustain above its previous high of $2.22. Hence, to further rally, Matic needs to trade and close above $2.22.
Support: $1.8, $1.4
Resistance: $2.22, $2.82
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.)