Most cryptocurrencies gained on Monday amid positive trends across major global markets as the crypto market capitalisation edged towards the $1 trillion mark again after around a month. The market cap rose 2.27 percent at $998.41 billion.
World’s most popular and largest cryptocurrency Bitcoin was trading 2.44 percent higher at $21,890.50 at 12:15 pm. Bitcoin’s market capitalisation stood at $400.5 billion. Bitcoin has moved up 7.19 percent in the last seven days.
Edul Patel, CEO and co-founder of Mudrex, said that BTC will likely trade between $20,000 and $21,000 in the coming days. “Ethereum has traded at the US$1,355 level for the first time in a month on Saturday as Merge draws nearer,” Patel added.
A WazirX ananlyst said, “The 12- hourly chart for BTC has formed a distinctive channel pattern. The next resistance level for BTC is expected at $32,300 and an immediate support level is expected at $17,700. The weekly RSI has edged above 30 for the first time in over a month.”
Second-largest virtual currency Ether was 2.1 percent up at $1,372.1 with market capitalisation of $165.4 billion. Trade volume of Ethereum was $15.5 billion in the last 24 hours.
Meme crypto Dogecoin was 0.6 percent up with a trade volume of $248.5 million in 24 hours. Shiba Inu was trading 0.4 percent higher at $0.000011 while Solana was almost one percent up at $39.8 billion.
The WazirX analyst said, on “The recent uptrend is mainly due to the extensive testing around the soon to arrive Ethereum merge which will transition its algorithm from Proof-of-Work(POW) to Proof-of-stake(POS). On the 12-hourly time-frame, the trend for Ethereum has broken out of the ascending channel pattern. The next key resistance for Ethereum is expected at $1,740.”
Indian headline indices made a gap-up start on Monday tracing gains across global equities.