New Delhi: Major cryptocurrencies were back in the green on Wednesday as the action shifted from Bitcoin to altcoins. Most of them recouped their weekly losses.
Barring Bitcoins and dollar-pegged stablecoins, other seven out of the top 10 cryptocurrencies were trading higher at 9.30 hours IST. Investors booked profits in Bitcoin, whereas Binance Coin and Polkadot zoomed up to 13 per cent.
The global crypto market cap increased as much as a per cent to $2.31 trillion compared to the last day. However, the total crypto market volume declined marginally to $105.18 billion.
“While the market has been conveying a mixed sentiment, BTC has been on a rally over the last week. That said, we will wait to see how the market performs for the rest of the week,” said Sharan Nair, Chief Business Officer, CoinSwitch Kuber.
Bitcoin is flirting with a run toward its all-time high after jumping more than 90 per cent since the July low. Record highs for Bitcoin are possible, maybe at around $80,000 to $85,000, say analysts.
Cryptocurrency markets have witnessed decent volumes in major altcoins, following the secular run in Bitcoin, said Edul Patel, Co-founder and CEO, Mudex. “Many exchange tokens performed well and it has never been more important to follow theme-based investing,” he added.
The rise of Bitcoin could be the possible reason for this decline which we are seeing right now, said Hitesh Malviya, founder, itsblockchain.com. “NFTs sales are on the rise in China. Chinese crypto millionaires have been acquiring crypto punks, a bored ape yacht club, in the past few weeks,” he added.
Tech View by ZebPay Trade Desk
The OMG network, a non-custodial earlier known as the OmiseGo, is a layer-two scaling answer created for Ethereum blockchain. Since it’s a scaling solution, OMG Network enables users to transfer ETH and other ERC-20 tokens much quicker and cheaper as compared to direct transaction on the Ethereum network.
OMG is only a native utility token that acts as the payment method for fees on the network and would be eventually used for staking to secure the network via giving rewards in returns. The token has a fixed total supply of 140,245,398, all of which is minted and in circulation. It currently ranks at 59th with a $2.2 bn market cap.
OMG has been trading in an uptrend and has surged almost by 498 per cent over the past three months. The asset gave a breakout above the uptrend parallel channel and rallied up to $18.2. It faced stiff resistance and corrected almost by 30 per cent post making a ‘Doji’ candle at the high.
OMG has taken support at a crucial level around $12.45 (38.2 Fibonacci Retracement Level) and has started to form a ‘Higher Top Higher Bottom’ pattern. We may expect the asset to further rally once it breaks or close above the recent high of $18.2.
Support: $12.50, $10.65
Resistance: $18.20, $21.49
(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.)