Bitcoin, Ether Charting Recovery Path
By Laxmikant Khanvilkar
After last week’s mayhem, the leading virtual digital assets (VDA) are trying to stage a recovery path, though the market internals barely support that cause. Low volatility and three unfilled gaps – two at the top and one at the bottom – are key indicators, which goes to suggest, price recovery will take place sooner than later.
Last week, cryptocurrencies suffered their worst losses in nearly two months, succumbing to broader financial markets jitters amid bleak macro scenarios.
Investors preferring risk-off trade resulted in Bitcoin (BTC) and Ethereum (ETH) prices recording sharp drop.
BTC, the largest cryptocurrency by market capitalisation, slumped towards $25,000 mark, lowest since June. It has since recovered and was recently trading 0.02% higher at $26,218. ETH, the second largest crypto in market value, was recently changing hands at $1,683.47, up 0.69%.
This narrow price recovery is helping the VDAs to regain lost ground, albeit partially.
The global crypto market cap rose 0.19% to $1.06 tn, over the last 24-hours. On the other hand, the total crypto market volume decreased 11.37% to $21.84 bn. The total volume in DeFi is currently $1.67bn and all stablecoins $20.21 bn, representing 7.63% and 92.55% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance decreased 0.07% to 47.99%.
IC15 index, the barometer of top fifteen tokens, edged up 0.33% to 34,492.14.
Meanwhile, other altcoins such as BNB, XRP, ADA, DOGE, SOL, etc are moving higher on a daily scale. However, their price move could hardly boost investor sentiment. All eyes will be on the Jackson Hole meeting this week, which may clear the cloud on interest rate movement going forward.
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