New Delhi: A majority of cryptocurrencies extended their gains on Wednesday as investors continued to buy digital tokens after consolidation.
The global crypto market cap was up by more than 3 per cent to $2.22 trillion compared to the last day. However, the total crypto market volume jumped about 4 per cent to $110.80 billion.
Bitcoin, the world’s biggest cryptocurrency by market value, rose above the $50,000 mark for the first time in four weeks on Tuesday, adding to a series of gains since the start of October.
The past 24 hours were wonderful for the cryptocurrency market. Both the largest cryptocurrencies broke past their local resistance levels, said Edul Patel, CEO and Co-founder, Mudrex.
“Bitcoin surpassed the $50,000 mark, and this made a lot of investors very happy. The coming 24 hours would likely be a period of consolidation as there could be some profit booking across the spectrum,” he added.
Sales volumes of non-fungible tokens (NFTs) surged to $10.7 billion in the third quarter of 2021, up more than eightfold from the previous quarter, according to data from market tracker DappRadar as the frenzy for crypto assets reached new highs.
“The market has been recovering with Bitcoin and Ethereum in the green zone. Hopefully, we can expect some momentum in the coming few days,” said Sharan Nair, Chief Business Officer, CoinSwitch Kuber.
In the meantime, demand for digital coins in India is helping to make a region spanning central and southern Asia and Oceania one of the fastest-growing cryptocurrency markets globally, according to Chainalysis.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 09.30 hours, IST on October 05, 2021)
Tech View by ZebPay Trade Desk
Basic attention token (BAT) is the native token of Brave browser. The current rank of the asset is 92 with a live market cap of $1,101,064,030.
On the Brave browser, users can watch privacy-preserving adverts and receive BAT rewards for doing so while advertisers can use the platform to deliver more targeted content, to maximize engagement. Hence, the token itself acts as the unit of reward in this advertising ecosystem and is exchanged between advertisers, publishers, and users.
BAT witnessed a sharp correction almost by 42% from its recent high of $1 and made a low of $0.5778. The asset took support at the crucial level around $0.5732 (78.6% Fibonacci Retracement Level) and made a ‘Bullish Piercing Pattern’ and surged almost by 28% up to 0.7398.
Currently, the asset is consolidating and hovering around $0.735 (50% Fibonacci Retracement Level). Once a breakout or close occurs above the resistance with good volumes then prices may further rally up to the $1 mark.
Support: $0.659, $0.577
Resistance: $0.745, $0.855
(Time is in UTC and the daily time frame is 12:00 AM – 12:00 PM UTC)
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)