The global cryptocurrency market held its own with the persistent fear of delta variants in the financial markets. Market capitalization was $ 1.21 trillion today, up 1.9 percent over the past 24 hours. Daily trading volume increased over 3.5 percent, announced by long-term investors.
Bitcoin (BTC) hovered around the psychological level of $ 30,000 for the second straight day, gaining a modest 0.8 percent to close at $ 29,900 at 9 a.m. IST. While BTC stayed away from the first and second support levels at $ 29,120 and $ 28,390, it was unable to mobilize enough for most of the day to break the $ 30,000 mark. However, after 9 a.m., BTC rose above this level.
BTC saw its annual low trading volume last week. Large exchange wallets saw a surge in BTC inflow volume over the weekend, suggesting a decline in long-term investor confidence. A break of $ 31,000 is needed for the market to regain confidence and gain positive momentum this week.
Ethereum (ETH) rebounded moderately, gaining 6 percent to move away from its critical support level at $ 1,744. After another new low this month, ETH closed at $ 1,850 at the end of the day. ETH was unable to test resistance levels.
The big altcoins like Polkadot (DOT), Dogecoin (DOGE), Solana (SOL) and Polygon (MATIC) gained momentum and gained moderately by over 4 percent. In contrast, coins such as Filecoin (FIL) and Uniswap (UNI) suffered slight losses of 1 percent.
Top winners today:
- THOR chain (RUNE): 16.7%
- Flow (FLOW): 15.1%
- Compound (COMP): 13.6%
Top Losers Today:
- Revain (REV); -17.7%
- Telcoin (TEL): -8.4%
- Mdex (MDX): -5.5%
The analysis does not include the top 100 coins until 9 a.m. IST
Crypto news at a glance:
- The US cryptocurrency exchange FTX has announced that it has raised $ 900 million for its Series B round, the largest increase among crypto exchanges. Notable participants are Coinbase Ventures, Sino Global and Sequoia Capital.
- Mastercard, the payment processing giant, has announced that it is partnering with Evolve Bank & Trust, Paxos Trust Company and Circle to improve its card program for crypto wallets and exchanges.
- FLURRY, a DeFi protocol that offers revenue aggregation, has raised $ 3 million from leading blockchain-focused VC teams like AU21 Capital and GenBlock Capital. FLURRY, with a product launch expected in the third quarter of 2021, aims to improve the usability of Decentralized Finance (DeFi) products and provide a flexible and user-centric model to the digital community.
- Stock of Nvidia, the leading chip maker, posted an 8 percent decline on NASDAQ last week amid the decline in cryptocurrency markets. Nvidia makes processors that are also used for mining cryptocurrencies.
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