New Delhi: The global crypto market surged in capitalisation by 3.80 percent over the last 24 hours. The current total market capitalisation stands at $2.26 trillion. Bitcoin, currently trading at $49,063.97 is up by 2.17 percent in the last 24 hours, on the other hand, BTC’s market dominance decreased by 0.60 percent and stands at 41.00 percent.
The total cryptocurrency trading volume recorded over the last 24 hours stands at $115.42 billion, on the other hand, DeFi accounted for 12.24 percent of the total crypto volume while stablecoins ($91.40billion) made for 79.19 percent of the crypto market’s 24-hour market volume.
Last week, Neither bulls nor bears had full control of the market, but this week Bulls were unable to hold the selling pressure created by the bears which eventually resulted in the fall of 10 coins. However, Solana showed was the only exception among the top 10 coins as it increased by 0.30%.
let’s take a look at some major coins:
BITCOIN
King of cryptocurrency, Bitcoin moved in a side-channel whose upper border is at the $47,745 price level. BTC breaks this resistance and managed to gain support above this level by the end of the day. The weak bullish momentum made by buyers faded as, from the last month, bulls have not been able to gain any string support above this level.
Bears have taken over the each weak fail breakout attempt done by the buyers and successfuly pulled the BTC back to this price level. Strong bearish momentum since the start of December has pushed the BTC’s price back into the September’s low zone of $42,447 support price level.
As per experts, BTC price can return to support of $42,447 if the level of average prices again works out for a reversal.
ETHEREUM
Second largest cryptocurrency, Ethereum somehow managed to get a support above the price level of $3,800. ETH still has not been able to recover from the flash crash and FUD.
As per experts, ETH’s price can witness a decline towards level of $3,400 is the bulls fail to break above the average price level by the end of this week.
XRP
XRP was trying to get support above the $0.80 resistance level yesterday but by the end of the day bulls and buyers cordinatly break the price level of the two-hour EMA55. This price level had made the XRP go through the downward trend since the beganing of this month.
As per experts, If the XRP can recover above $0.80 price level then it can break the $0.90 resistance but if buyers fail to get support then it can see the token going downwards to the support price of $0.70.
