New Delhi: Cryptocurrencies were trading higher on Thursday as volatility eased down in global markets and investors fancy riskier asset classes.
Barring the US dollar pegged stablecoins, eight out of top-10 cryptocurrencies were trading with gains at 9.30 hours IST. Binance Coin gained as much as 12 per cent, whereas XRP gained over 5 per cent.
The global crypto market cap jumped over 4 per cent to $1.92 trillion compared to the last day. Similarly, the total crypto market volume increased more than 2 per cent to $93.96 billion.
Ripple (XRP) has been witnessing a battle between bulls and bears. The trend that the asset has set for itself suggests some indecisiveness among investors and traders alike, said ZebPay Trade Desk.
Volumes have been on the rise over the past few days, indicating that after falling about 12% last week, the asset became increasingly attainable and attractive for investors, it added.
As the cryptocurrency craze keeps on growing around the world, Nikhil Kamath, Co-founder of Zerodha and True Beacon, has a piece of advice for crypto-crazy millennials.
“It is okay to diversify your portfolio, but don’t put in anything beyond 1-5 per cent of your net worth in it,” suggested Kamath.
Crypto Cart: Quick Glance
Bitcoin: $43,641.52, up 3.40%
Ethereum: $3,033.68, up 4.66%
Tether: $1, down 0.02%
Cardano: $2.12, up 2%
Binance Coin: $380.45, up 11.60%
XRP: $0.9629, up 5.14%
Solana: $140.92, up 1.43%
USD Coin: $1, down 0.02%
Polkadot: $28.43, up 3.40%
Dogecoin: $0.2045, up 2.31%
(Source: coinmarketcap.com, data as of 09.30 hours, IST on September 30, 2021)
(Note: Price change in last 24 hours)
Tech View by Giottus Cryptocurrency Exchange
Chainlink (LINK) is a popular blockchain network. It is a decentralized oracle network that provides data feeds for events outside of the blockchain i.e. off-chain data that helps businesses and individuals execute projects.
Recently, Chainlink announced a partnership with Cardano blockchain as an oracle service provider. LINK, a top 15 crypto, has rallied well this cycle and, in some periods, has been decoupled from Bitcoin’s price actions.
LINK is currently trading below several key support levels – 20-day, 50-day and nearly the 100-day moving averages. LINK has formed a head & shoulders pattern on the charts – a fundamentally bearish pattern while trading below the $25.8 level, which previously acted as strong support throughout 2021.
However, with strong adoption news flowing in including the high-profile Arbitrum project on Ethereum, LINK may be primed for a reversal. It is currently at the bottom of a symmetrical triangle formation from May 2021.
Support: $19.6, $22.5, $22.7
Resistance: $24.7, $25.8, $28.4
(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.)