Crypto Analysis

Range-bound Bitcoin Keeps Crypto Market Lukewarm

Ethereum ends with modest 0.1 per cent loss; key altcoins register gains

Range-bound Bitcoin Keeps Crypto Market Lukewarm
Range-bound Bitcoin Keeps Crypto Market Lukewarm

The global cryptocurrency market remained stable today as bulls and bears battled to give it a clear direction. As of 9 am IST, the overall market cap was $2.14 trillion, an increase of 2 per cent. Total trade volume across exchanges stood at $143 billion, a 20 per cent drop from yesterday.

Bitcoin (BTC) remained range-bound as it retested and broke through its $46,000 support level intra-day only to bounce back above $47,000 in a clear sign of market indecisiveness and volatility. BTC ended the day at $46,660 with its trade volumes dropping over 20 per cent for the second consecutive day. BTC must test and hold its critical support at $42,000, its 20-week moving average (SMA), to reinitiate its rally towards $55,000. If it fails at that support, $35,000 levels will be back in play. BTC dominance is now at 41.1 per cent.

Ethereum (ETH) mirrored BTC’s movements, oscillating between its $3,390 support and $3,570 resistance levels. ETH ended the day nearly flat at $3,470 with a modest 0.1 per cent loss.

Key altcoins registered moderate gains today. Avalanche (AVAX), which entered the top 20 this week, gained by 21 per cent while Polkadot (DOT) grew a considerable 15 per cent. Solana (SOL) and Algorand (ALGO) registered a decline today after having a stellar run in the past couple of weeks.

BTC is now in a ‘no trade zone’, with the macro direction of the market unclear. A daily close above or below $46,000 will be a signal that traders will watch out for in the weekend ahead.

Top Gainers today:

  1. Tezos (XTZ): 43%
  2. Icon (ICX): 40.9%
  3. Harmony (ONE): 36.8%

Top Losers today:

  1. Near Protocol (NEAR): -14.9%
  2. Solana (SOL): -7.0%
  3. Hedera Hashgraph (HBAR): -6%

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

Source: CoinMarketCap

Crypto News at a Glance:

  1. Ukraine has passed a legislation that will enable companies to launch digital asset funds and banks to open accounts for crypto companies.
  2. Global payments platform Mastercard has acquired blockchain intelligence firm CipherTrace to improve their own cyber security solutions for digital assets.
  3. Blockchain firm Blockstream Mining has announced its partnership with Australian financial giant Macquarie Group to develop mining facilities that use renewable energy.
  4. OpenSea, a NFT marketplace, encountered a bug that has apparently resulted in the deletion of user-owned NFTs valued at about 28.4 ETH, worth nearly $100,000.
  5. Blockchain gamification platform DeFi Land has raised $4.1 million in investments to launch a new DeFi game on Solana amid the growing ecosystem surrounding it.

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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Outlook Money
July 2024