New Delhi: Major cryptocurrencies continued their slow and steady upward movement on Thursday, thanks to a cautious approach by investors. Gains were, however, capped by lower volumes.
Six out of the top 10 cryptocurrencies were trading higher at 9.30 hours IST, with Ethereum leading the gainers. Solana and Polkadot tanked up to 3 per cent.
The global crypto market cap increased over 2 per cent to $2.16 trillion compared to the last day. However, the total crypto market volume tanked as much as 8 per cent to $101.83 billion.
Michael Saylor announced that Microstrategy has bought another 5,050 Bitcoins at an average price of $48,099 per Bitcoin. This purchase has increased the total number of its Bitcoin holdings to 1,14,042, indicating a strong institutional demand for the cryptocurrency.
Every time the market drops, an institutional investor is waiting to buy the dip, said Siddharth Menon, COO, WazirX.
Billionaire investors Steven Cohen and Ray Dalio have joined the cryptocurrency craze by putting cash to work and saying at a conference this week that Bitcoin and other digital currencies are an interesting way to diversify their holdings.
A cryptocurrency company launched by partners of a major Wall Street trading firm said it has snagged the support of billionaire investor Steven A. Cohen, as big names from the traditional financial world continue to embrace the industry surrounding crypto.
Cardano announced the completion of its Alonzo hard fork yesterday, after which several new smart contracts have gone live. These Plutus-powered smart contract scripts will enable Cardano to enhance its offering, paving the way towards building a more sophisticated ecosystem of consumer-ready DApps, said ZebPay Trade Desk.
However, the team has asked the community to maintain reasonable expectations for Alonzo, stating that this is just a step in the right direction, it added.
Back home, homegrown cryptocurrency exchange BuyUcoin has launched a systematic investment plan (SIP) facility for as many as 10 crypto assets. BuyUcoin is among the oldest crypto exchanges in India.
Tech View by Giottus Cryptocurrency Exchange
Aave (AAVE) is a decentralized lending protocol that enables users to lend, borrow and earn interest on their crypto assets. It runs on Ethereum blockchain using smart contracts and has been one of the more popular DeFi projects this year.
AAVE has been one of the altcoins that has rallied even as Bitcoin remains range bound between $43,000-$47,000. It delivered an impressive 33% climb from $300 to $400 on Tuesday, followed by some consolidation. Its price actions have been forming a symmetrical triangle which is a neutral formation and can break to either side depending on market sentiment, trade volumes and other factors.
AAVE is currently overbought on the longer time frame RSIs and should face resistance in the $415 to $425 zone. It is also trading above its 20-day moving average, indicating bullishness.
Investors, however, may want to wait for a pull back to support levels residing at $378 and $361. If AAVE fails to hold these support lines, it risks returning to $300 levels.
Support: $383, $378, $361
Resistance: $415, $425, $450
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.)