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Bitcoin Price Today: Top Cryptocurrency Prices Today: Bitcoin Recovers; Dogecoin and Polkadot rally up to 9%

New Delhi: The cryptocurrency cartel staged a smart rebound on Friday after profit bookings from traders in recent sessions. Traders soaked up cryptos before the weekend where they are the only tradable assets.

With the exception of the XRP, all nine of the top 10 digital tokens traded higher by 9.30 IST. Cardano led the winners with a 9 percent rally. Bitcoin and Ethereum also posted handsome gains.

The market capitalization of global cryptocurrencies increased marginally to around $ 2.6 trillion compared to last day. However, the total volume of the crypto market fell over 9 percent to $ 114.04 billion.

The crypto market has moved in an area-bound zone for the past 24 hours. This consolidation is helping to remove the bad players from the market, said Edul Patel, CEO and co-founder of Mudrex.

“Total traded volume was down almost 10 percent towards the end of the week, as usual. We can assume the market will remain in the range for the next few days,” he added.

Crypto in India

Cryptocurrency exchanges are turning to targeted advertising and marketing campaigns to calm the nerves of investors who are abandoning their investments amid regulatory uncertainty about virtual currencies.

Billiards and snooker world champion Pankaj Advani has also joined the bandwagon of celebrities who are redeeming the newly discovered interest in non-fungible tokens (NFT).

Expert opinion

Facebook reversed its longstanding stance on banning crypto advertising on its platform and took another step towards adoption and adoption of the digital asset industry, the CoinDCX research team said.

“After trying to allow Libra, renamed Meta, and now crypto advertising, Facebook’s continued move is an encouraging move for the digital asset sector,” it added.

Goldman Sachs also sees the value of the crypto options markets as a path to institutional adoption. The interest and value of the crypto industry is testament to its long-term position in the future of finance, technology, and the economy.

Global outlook

El Salvador is building a new city. The concept of this unique city is duly supported by Bitcoin, the world’s largest crypto player in terms of market capitalization.

Price change in the last 24 hours

Tech View from ZebPay Trade Desk

Polygon (MATIC) saw a strong rally last week as it rose from $ 1.78 to $ 2.25 in just 48 hours. The asset has a market capitalization of $ 14.8 billion and ranks 15th.

Polygon appears to be holding on to the uptrend quite strongly, and the inflows that the asset was slow to ward off support that claim. Ultimately, Polygon aims to solve the scalability problems on the Ethereum network, which has suffered from congestion and high fees.

ET EMPLOYEES

Matic saw a sharp correction in May this year after hitting the $ 2.82 life high and falling to $ 0.6221. After this move, the asset is in a recovery mode and prices rose nearly 250%, peaking at $ 2.22 in October.

Technically, Matic has created a broad ‘Symmetrical Triangle’ pattern over the daily timeframe, with the rising sloping line acting as support and the top sloping line acting as resistance. The asset has broken out but is struggling to hold above its previous high of $ 2.22. Therefore, to continue to rebound, Matic will have to trade above $ 2.22 and close.

Main stages

Support: $ 1.8, $ 1.4

Resistance: $ 2.22, $ 2.82

The time is in UTC and the daily time frame is 12:00 PM – 12:00 PM UTC

(The views and recommendations in this section are the analysts’ own views and recommendations and do not reflect those of ETMarkets.com. Please consult your financial advisor prior to entering into any position on any of the assets.)

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