New Delhi: Major cryptocurrencies continued to gain on Tuesday, with Bitcoin hitting new lifetime highs. Other altcoins followed as investors’ focus shifted to the digital spectrum versus gold.
Aside from the dollar-linked stablecoins and Solana, all seven of the top 10 cryptocurrencies were trading higher at 9:30 a.m. IST. Bitcoin, Cardano, and Dogecoin each added 5 percent.
Global crypto market cap rose more than 3 percent from last day to $ 2.94 trillion. However, the total volume of the crypto market rose 27 percent to $ 123.51 billion.
Bitcoin and Ether hit record highs in Asian trading on Tuesday, as cryptocurrency adoption excitement and fears of inflation supported the asset class.
Bitcoin has soared in the past 2 days after the DCG founder’s tweet ripped the covers off the asset and brought it to new highs. The rally was broad, with key tokens leading the way, ZebPay Trade Desk said.
“We anticipate significant volatility to continue for the next few days as the market seems a bit inflated at this point and some correction is certainly expected. If that happens, a profit posting is likely.” it added.
The rising demand for Ethereum triggered a rally at its biggest competitor, Solana, which has delivered spectacular returns in the current calendar year.
Meanwhile, the non-fungible token (NFT) market – a type of crypto-asset where each token is completely unique – is growing in India, with several celebrities like Amitabh Bachchan, Kamal Haasan and Salman Khan on the bandwagon.
Tech View of Giottus Cryptocurrency Exchange
Many celebrity-sponsored NFTs and fan tokens are based on Chilliz (CHZ). The consumer-facing blockchain network pioneered this crypto category, introducing fan tokens, loyalty coins, and NFTs in a year that the concepts took the world by storm. Chiliz provides sports and entertainment brands with tools on the blockchain to make money and increase engagement.
The platform’s token, CHZ, reflects the growing demand for this category. It hit several all-time highs this year before a correction dragged its value to $ 0.25 in September. Now, after rising nearly 100 percent, it has been in consolidation in the $ 0.44-0.5 range for quite some time and appears to be on the verge of a breakout after its repeated tests of support levels at 0. $ 46 and $ 0.4 0.42.
** Chart-CHZ **
CHZ is showing a bullish divergence on the Relative Strength Index (RSI), while it has been forming a symmetrical triangle since early November. A break above will bring resistances of $ 0.49, $ 0.52, and $ 0.56 into play.
Consolidation so far is encouraging and with other indicators suggesting a bullish formation, CHZ is likely to retest its ATH of $ 0.65. Should it break further higher, a new ATH of USD 0.72 is achievable in the next few weeks based on the goals of the symmetrical triangle. For long-term investors, $ 1 is on the card.
Main stages
Support: $ 0.46, $ 0.42, $ 0.4
Resistance: $ 0.49, $ 0.52, $ 0.56
(The time is in UTC and the daily time frame is 12:00 p.m. – 12:00 p.m. 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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