Bitcoin rose 1.23% to $30,476, while Ethereum climbed above $1,850. BTC volume in the last 24 hours reached approximately $14.59 billion, a rise of 66.55%. Giottus Crypto Platform CEO Vikram Subburaj said, “Breaching key resistance at $32,400 will be the eventual target before a sustained rally is possible.” Meanwhile, the global cryptocurrency market cap hit around $1.19tn, a rise of 1.45% in the last 24 hours, while the market cap of Bitcoin was at $593bn, and its dominance was sitting at 49.88%, a decline of 0.11% over the day, according to CoinMarketCap.
Read Stock Insights by ET for a quick analysis
Glance Finance Ltd.
Explore NowThe cryptocurrency market was trading higher on Tuesday, with Bitcoin (BTC) rising 1.23% to $30,476, while Ethereum was above the $1,850 level.
Meanwhile, BTC volume in the last 24 hours stood at approximately $14.59 billion, rising 66.55% in the last 24 hours.
“Bitcoin continues to consolidate above $30,000 with a quick move towards $31,000 earlier today followed by a quick pullback. BTC is likely to make an attempt to reclaim the level again. Breaching key resistance at $32,400 will be the eventual target before a sustained rally is possible,” Vikram Subburaj, CEO of Giottus Crypto Platform, said.
“Ether is currently facing resistance at the 20-day exponential moving average ($1,871) while the bulls are attempting to defend the 50-day simple moving average ($1,841). This struggle between buyers and sellers indicates a lack of clear momentum in the market,” said the ZebPay Trade desk.
Did you Know?
S has launched a new enterprise on the Metaverse with the aim of accelerating cloud adoption among Indian firms. The interactive and immersive ‘cloud on wheels’ platform will enable customers to experience the full range of S ’s offerings and reimagine processes for improved business outcomes.
View Details »Other top crypto tokens were also trading higher on Monday. BNB, Polygon, Solana, and Litecoin surged up to 9%. The global cryptocurrency market cap was trading higher, around $1.19 trillion, rising 1.45% in the last 24 hours.
The total volume in DeFi is currently 2.14 billion, 6.62% of the total crypto market 24-hour volume. The volume of all stablecoins is now $30.02 billion, which is 93.04% of the total crypto market 24-hour volume.
The market cap of Bitcoin, the world’s largest cryptocurrency, was around $593 billion. Bitcoin’s dominance is currently 49.88%, a decrease of 0.11% over the day, according to CoinMarketCap.
Examining the 4-hour time frame, it is clear that Bitcoin is encountering significant resistance at the $30,500 level, reinforced by the double top pattern and the 50-day exponential moving average, Sathvik Vishwanath, Co-Founder & CEO, Unocoin, said.
“Conversely, the $30,000 level serves as strong support, supported by a well-defined trend line. This trend line is expected to resist bearish momentum and prevent a substantial decline,” Sathvik added.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 11.59 hours, IST on July 11, 2023)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)