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The global cryptocurrency market cap gained marginally today to stand at $1.40 trillion in the morning hours. The renewed optimism in the market had crypto investors actively contributing to the market volume during the second half of the week.
Bitcoin (BTC), for the first time in almost two weeks, tested the resistance $34,500 level, continuing its relief rally for the fourth consecutive day. BTC ended the day near the $34,400 mark with a gain of 2.3 per cent in the last 24 hours. However, the trade volumes dipped by 14 per cent today. Propelled by Elon Musk’s bullish remarks earlier in the week, BTC’s brushed past its third resistance level at $33,650 with a new support level forming at $32,100.
Ethereum (ETH) continued to go uphill after successfully breaching the $2,000 level. ETH rallied towards $2,200 before closing at $2,160, registering a 1.5 per cent increase. Enthused investors, ahead of the EIP-1559 blockchain update, added further liquidity as exchanges saw a reasonable increase in trade volumes. ETH is nearing its next resistance level at $2,180, with the support level of $2,000 remaining untested.
Among the top 20 altcoins by market cap, Theta (THETA) led the green run by gaining 14 per cent over the day. Polkadot (DOT), Dogecoin (DOGE), Polygon (MATIC) and Cardano (ADA) gained marginally. Rest of the pack remained in the red, losing up to 5 per cent.
BTC continues to dominate with a 46.1 per cent share of market cap. On a weekly timeframe, BTC ended with a 7 per cent gain in spite of local lows at the start. Among the top 100 cryptocurrencies, Axie Infinity (AXS) registered a 107 per cent weekly gain followed by Telcoin (TEL) and Theta (THETA) at 61 and 34 per cent, respectively.
Analysts expect this momentum to continue in the upcoming week. Indicators suggest that BTC can possibly make a run towards the $40,000 level if it sustains above $34,000.
- Internet Computer (ICP): 22.4%
- Telcoin (TEL): 18.3%
- Theta (THETA): 14.5%
- THORChain (RUNE): -7.3%
- Axie Infinity (AXS): -6.4%
- SushiSwap (SUSHI): -6.3%
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