New Delhi: After a sharp decline, major cryptocurrencies entered a consolidation phase at the beginning of the new week. Most cryptocurrencies had deep scars from the previous week.
Aside from Polkadot, which was down as much as 10 percent, nine of the top 10 cryptocurrencies were trading lower at 9:30 a.m. IST. Solana refueled 13 percent, while Cardano gave up more than 6 percent.
Global crypto market cap lost more than one percent to $ 2.05 trillion from last day. However, the total volume of the crypto market has remained almost unchanged at $ 110.56 billion.
“The market has seen a slight decline over the past week, but we are seeing Polkadot doing well. Still, we hope for a rebound,” said Sharan Nair, chief business officer of CoinSwitch Kuber.
Noted economist and former RBI governor Raghuram Rajan has said that cryptocurrencies are currently a speculative asset and will remain so until developments are made and regulations emerge.
To tap into the festive season that began with Ganesh Chaturthi on Friday, Indian crypto exchanges are increasing hiring and planning product launches and large-scale advertising campaigns to attract new private investors.
The last 24 hours were more of a consolidation phase across the entire crypto spectrum. Both Bitcoin and Ether revolved around their levels of support, said Edul Patel, CEO and co-founder of Mudrex. The bears would be closely tracking the $ 45,000 level in BTC. If it breaks, we can expect a sell-off picking pace.
“For some of the top altcoins, however, the last 24 hours have been a good session. Polkadot and Chainlink made some good moves that were powered by huge volumes, ”he added.
US officials discuss launching a formal review of whether tether and other stablecoins pose a threat to financial stability.
Tech View by Siddharth Menon, COO WazirX
The total capitalization of the crypto market recently hit $ 2.4 trillion since its uptrend from the 3rd week of July in a likely rising channel pattern.
Accordingly, we have seen a turnaround in the past few days due to the recent market volatility due to the Bitcoin introduction in El Salvador coupled with a 2% decline in US markets. The recent correction resulted in some large volume sales.
Bitcoin, meanwhile, is trading below its 200-day moving average. BTC is likely to continue its downtrend towards support levels of $ 41,000.
In the short term, we could potentially see panic selling. However, to keep an eye on the future long-term potential of the crypto market, a smart investor might want to buy HODL or see this as a buying opportunity.
Main stages
Support: $ 2,950, $ 2,650
Resistance: $ 3,700, $ 4,000
The time is in UTC and the daily time frame is 12:00 PM – 12:00 PM UTC
(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/2021/09/13/cryptocurrency-prices-top-cryptocurrency-prices-today-solana-cardano-tank-up-to-13-polkadot-gains-10/
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