New Delhi: Major cryptocurrencies were mixed on Tuesday as investors posted gains in top-tier digital currencies and focused more on altcoins. Six of the top 10 cryptocurrencies were trading higher at 9:30 a.m. IST. Polkado and Solana saw large increases in teenagers in the past 24 hours.
Global crypto market cap hovered around $ 2 trillion, down more than a percent from the previous day. However, the total volume of the crypto market rose over 7 percent to $ 122.40 billion.
A little-known digital token connected to the Cardano blockchain has just become the third largest virtual currency in the world as network developers try to ride the boom in decentralized finance.
In 2021, Ethereum has so far outperformed Bitcoin, up more than 320% compared to Bitcoin’s 54% gain. ETH is up over 60% in the past 30 days and the bullish sentiment it sparked only seems to get stronger.
The rapid growth of decentralized financial (DeFi) applications has resulted in heavy inflows from institutional investors. In addition, the recent London hard fork introduced a new fee-burning mechanism that has significantly reduced net daily issuance, said ZebPay Trade Desk.
Some ether enthusiasts expect the rally to continue and exceed $ 5,000. The recent upgrade paved the way for Ethereum, and the network will soon adopt a proof-of-stake consensus that will likely make it slightly deflationary, it added.
Treasury Secretary Nirmala Sitharaman said she is awaiting cabinet approval on a bill on cryptocurrency as the bill is before him. It has recommended that all private cryptocurrencies, with the exception of state-issued virtual currencies, be banned in India.
The inter-ministerial body on cryptocurrency, chaired by the Secretary (Economic Affairs), to examine the issues related to virtual currencies and propose concrete measures has already submitted its report.
Tech View of Giottus Cryptocurrency Exchange
Polygon (formerly Matic Network) is one of the most popular Altcoins and Ethereum Layer 2 solutions. After delivering multiple returns to holders this year, its MATIC native token was the last to fall during the May crash, hovering at $ 2 while the market burned.
Last week, MATIC regained some of its previous losses after the company announced the acquisition of Hermez, a zero-knowledge crypto-scaling solution. Hermez will be integrated into the polygon blockchain in a first such blockchain merger and MATIC will continue to be the native token.
MATIC’s move has triggered several bullish signals after breaking the 50-day moving average ($ 1.44) and the 20-day exponential moving average ($ 1.22). After MATIC consolidated near the resistance in the USD 1.5 area, it also broke out briefly on Monday and appeared to be heading for its next resistance at USD 1.7 before a fall in Bitcoin price spoiled the game.
MATIC found support at $ 1.43 and given its neutral daily RSI of 64, another rally is possible. In the week ahead, MATIC will likely attempt to break its $ 1.5 resistance and recapture $ 1.7 three months since it was last break. Should it collapse, it could find support at $ 1.33 – the 10-day exponential moving average.
Main stages:
Support: $ 1.43, 1.25
Resistance: $ 1.5, $ 1.7
(The views and recommendations in this section are the analysts’ own views and recommendations and do not reflect those of ETMarkets.com. Please consult your financial advisor prior to entering into any position in any of the above assets.)
source https://www.bisayanews.com/2021/08/17/bitcoin-price-top-cryptocurrency-prices-today-solana-polkadot-binance-coin-gain-up-to-23/
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