Bitcoin Range Bound; Holds $26K Mark
By Laxmikant Khanvilkar
The leading virtual digital assets (VDA) have returned to range bound trade on Tuesday in Asia, due to lack of fresh catalyst for the markets to rally.
The JPMorgan Chase forecast of prices stabilising soon, supported cryptocurrencies to recover lost ground. The report attributed this outlook to a decline in open interest in CME Bitcoin futures contracts, which usually signals a weakening price trend.
Bitcoin (BTC), Ethereum (ETH), prices have managed to into the positive zone.
BTC, the largest cryptocurrency by market capitalisation, was last trading 0.42% higher at $26,111.30. ETH, the second largest crypto in market value, was changing hands at $1,654.19, up 0.28%.
Elsewhere, altcoins such Binance, Cardano, Solana, and others have bucked the trend by maintaining strong posture amid unlocking of altcoins that made their way to the markets. Token prices for Sui (SUI) and Hedera (HBAR) are falling as both projects face an increase in circulating supply later this week.
Rebound in Ripples XRP token helped boost investor sentiment.
The global crypto market cap rose 0.12% to $1.05 tn, over the last 24-hours. Simultaneously, the total crypto market volume increased 46.96% to $24.39 bn. The total volume in DeFi is currently $1.88 bn and all stablecoins $23.27 bn, representing 7.72% and 95.43% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance rose 0.04% to 48.27%.
IC15 index, the barometer of top fifteen tokens, edged up 0.27% to 34,283.53.
Meanwhile, technical analysts have cautioned that the Bitcoin’s technical outlook remains bearish on weekly timeframes, as the price is below its 200-week average and outside of its ascending channel.
Elsewhere, U.S. regulators ordered a Los Angeles-based company that issued non-fungible tokens to compensate investors who bought the NFTs, arguing that the transactions were illegal unregistered securities offerings.
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