Crypto Analysis

Bitcoin Breaches $49,000 as Axie Enters Top 20

Cryptocurrency market saw a modest correction of 0.5 per cent to stand at $2.11 trillion

Bitcoin Breaches $49,000 as Axie Enters Top 20
Bitcoin Breaches $49,000 as Axie Enters Top 20

Bitcoin (BTC) maintained its bullish October momentum, coming within striking distance of $50,000 on Sunday. BTC soon experienced resistance at the local high of $49,200. BTC dominance rose today and is now at 42.6 per cent. BTC is currently trading at $47,700, up by 0.3 per cent. A few altcoins saw rallies but BTC was range-bound for most of the day.

The overall cryptocurrency market had a modest correction from yesterday, with a 0.5 per cent dip to stand at $2.11 trillion as of 9 am IST. Trade volume across exchanges dipped by 13 per cent to $86 billion.

Ethereum (ETH) broke through the $3,400 barrier but failed to breach through the psychological resistance of $3,500. Its bullish momentum, however, remains intact as it currently trades at $3,350 with a minor dip of 2 per cent. ETH is expected to outperform BTC in the next week or two before BTC breaks $50,000.

Axie Infinity (AXS) stormed into the top 20 list with a 31 per cent daily gain today. The play-to-earn game that it supports continues to have strong adoption in emerging markets.

Algorand (ALGO) was the other top gainer in the top 20 with a 9 per cent increase today.

Most of the other top altcoins had a minor dip. Compound (COMP) has suffered another attack on its network and dipped by nearly 5%.

BTC has been rejected from the $48,000-50,000 resistance level again, marking the second time the region has played spoilsport for the market leader. However, analysts expect the overhead resistance levels to weaken with the $50,000-52,000 region soon in sight.

Top Gainers today:

  1. Axie Infinity (AXS): 30.6%

  2. Algorand (ALGO): 9.2%

  3. Helium (HNT): 11.2%

Top Loser today:

  1. Near Protocol (NEAR): -6.4%

  2. Compound (COMP): -6.2%

  3. Qtum (QTUM): -5.8%

Analysis includes the top 100 cryptocurrencies only as of 9 am IST

Source: CoinMarketCap

Crypto News at a Glance:

  1. US-based crypto asset manager Grayscale investments has included Solana (SOL) and Uniswap (UNI) tokens in its Grayscale Digital Large Cap Fund (GDLC) portfolio.

  2. Global payments company Visa is working on an interoperable blockchain hub that can connect to multiple blockchain networks and enable transfers of different crypto from various protocols and wallets.

  3. The Nigerian Federal High Court has approved the rollout of a central bank digital currency (CBDC) as a legal tender for the country, called eNaira. It will be issued by the central bank and supported by a local eNaira wallet.

  4. Crypto exchange Binance is allowing its European customers to migrate their tokenized stocks to another platform. The move comes after its recent shutdown of the service in July after regulators said they likely constituted illegal securities offerings.

  5. Compound (COMP) suffered another hack for $22 million yesterday as hackers continue to exploit an erroneous smart contract that resulted in a $80 million hack last week. Developers have determined that an additional $66 million is still under risk.

DISCLAIMER: Views expressed are the author’s own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.


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July 2024