New Delhi: A majority of cryptocurrencies were trading higher on Friday, but investors booked profits in the numero uno digital token – Bitcoin.
The global crypto market cap eased marginally to $2.28 trillion compared to the last day. However, the total crypto market volume tanked 16 per cent to $124.75 billion.
“We saw a rise in Bitcoin and Ethereum prices, among others, which has further strengthened the investor confidence,” said Sharan Nair, Chief Business Officer, CoinSwitch Kuber.
Investment management firms like Soros Fund Management have openly supported the crypto space, which has sparked the rally. More businesses and financial institutions may adopt cryptos in the coming weeks.
Meme tokens have been in buzz recently ever since Elon Musk, CEO of Tesla and SpaceX, tweeted the photo of his new pet dog, which is the mascot of Shiba Inu. The digital token category has been on a roll for the last few days.
The euphoria in the cryptocurrency market seems to have settled down at the moment. Over the past 24 hours, we saw the market consolidating. The traded volumes declined and traders found a good time to book profits, said Edul Patel, CEO and Co-founder, Mudrex.
In the meantime, US Deputy Attorney General Lisa Monac unveiled two new Justice Department enforcement initiatives aimed at targeting cryptocurrencies and government contractors who fail to report cyber breaches.
Tech View by ZebPay Trade Desk
Stellar (XLM) is an open network that allows money to be moved and stored. XLM has been in the news over the past few days, after Moneygram, a leading global money transfer service, said that it would deploy the stellar blockchain, to enable its user to convert fiat currency into USD Coin.
The network’s native token, lumens, acts as the bridge which makes trading assets across borders cheaper, and challenges existing payment providers that charge high fees for a similar service. XLM is ranked 23 with a live market cap of $8,098,862,152.
XLM witnessed a sharp correction from its recent high of $0.4317, falling almost by 41%. The short-lived dip to $0.2551 on the asset was an opportunity grabbed by the bulls as the asset made a ‘Bullish Engulfing pattern’ and started trading in ‘Higher high Higher Low’ formation gaining almost 45%.
Currently, XLM is facing resistance around $0.365 (61.8% Fibonacci Retracement Level) and is witnessing some profit booking. Once the price breaks the resistance with good volumes then we may expect the asset to further rally up to $0.4 mark.
Support: $0.30, $0.251
Resistance: $0.367, $0.395
(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.)