Major crypto tokens were trading marginally higher on Monday, led by Bitcoin, Ethereum, BNB, and Chainlink. The global cryptocurrency market cap also rose 0.23% to around $1.64 trillion in the last 24 hours.

At 1:11 p.m., Bitcoin was trading 0.5% higher at $43,037, while Ethereum was up 0.8% at $2,307. Other altcoin such as BNB, Solana, Dogecoin, Tron, Polkadot, Polygon, Toncoin, and Internet Computer rose up to 6%. While XRP, Cardano, Avalanche, Shiba Inu, and Litecoin declined.

Bitcoin has been rangebound, hovering around $43k-level which seems to be building as a support. Investor sentiment continues to be bullish, as Crypto Fear & Greed Index maintained a score of 60/100 over the weekend, said Parth Chaturvedi, Investments Lead at CoinSwitch Ventures.

CoinDCX Research Team, said, “Over the weekend, the crypto market had a small dip. BTC stayed in the range of $41,000 to $45,000, showing some support from the moving averages. Clearing $45,000 could bring a strong upward trend. Positive factors like the halving make the outlook for BTC positive.”

“ETH also had a mild dip and is in the range of $2,175 to $2,400. It’s below key moving averages, but developments like the Dencun upgrade and speculation on an ETH spot ETF approval gives positive sentiments,” CoinDCX said.The total volume in DeFi is currently at $3.95 billion, 11.28% of the total crypto market 24-hour volume. The volume of all stablecoins is now $30.64 billion, which is 87.43% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, surged to $845 billion. Bitcoin’s dominance is currently 51.18%, according to CoinMarketCap. BTC volume in the last 24 hours fell 25.66% to $15.3 billion.

Tech View by ZebPay Trade Desk

Bitcoin after giving a breakout above the key resistance of $28,500 witnessed a sharp rally and the prices surged almost by 71.5% and made the high of $48,969.

The asset failed to give a daily closing above the key resistance of $48,000 and saw some profit booking and the prices dropped to $38,555. Post this move BTC made a ‘hammer’ candle where the lower longer shadow indicates buying at the dip, and the prices have raised up to $43,882 and started consolidating between $42,000 and $43,500.

The asset has a support at $40,000 and $36,500 whereas to further rally it needs to break, close and sustain above $48,000.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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