The global cryptocurrency market capitalization increased by more than 2 percent to $2.14 trillion compared to the previous day. However, the total size of the crypto market fell by more than 20 percent to $142.88 billion.
A new cryptocurrency research team at Standard Chartered has predicted that Bitcoin will double in value to $100,000 by early next year, and could be worth as much as $175,000 in the long term.
“The past couple of days have been full of developments as Bitcoin debuted as legal tender in El Salvador,” said Sharan Nair, Chief Business Officer. “A rapid crash followed and Indian investors bought the dip after. Now we are seeing the market recover slightly.” CoinSwitch Kuber.
Reserve Bank of India Governor Shaktikanta Das said the central bank wants credible answers about the contribution of private cryptocurrencies to the Indian economy.
National Australia Bank (NAB), Australia’s third-largest lender, defended itself Thursday against criticism that it does not deal with any cryptocurrency provider, after those firms complained that such behavior was anti-competitive.
Crypto cart: a quick look (Source: coinmarketcap.com, data as of 09.30, IST on Sep 10, 2021)
Bitcoin: $46,752, up 1.67%
Ethereum: $3,467.79, down 0.06%
Cardano: $2.56, up 5.97%
Binance Coin: $431.92, up 5.76%
Rope: $1, up 0.02%
Solana: $192.87, down 7.81%
XRP: $1.14, up 4.18%
Dogecoin: $0.2565, up 1.39%
Polkadot: $31.78, up 14.85%
Dollar coin: $1, up 0.01%
(Note: The price has changed in the last 24 hours)
Tech Show by ZebPay Trade Desk
ETH experienced its first major correction after it started rising after the sell-off in mid-May, dropping from the highs of $4,000 to $3,100, before recovering later. It was trading at $3,485.
During the fall, a great deal of profit taking was seen. Since then, however, investors have been buying at low levels as the assets look attractive. It will likely be limited in range during the rest of the week.
ETH has been consolidating and trading sideways in the $3,000 to $3,350 range for the past three weeks. The asset finally gave a break to the upside and made a high of $4,027. However, prices were struggling to break through and hold the $4K level convincingly.
After resisting several times, ETH witnessed a sharp correction, dropping by about 24% and reaching as low as $3,026. After this move, the asset is consolidating and trading in a narrow range from $3,400 to $3,550. ETH has a very strong support at $3,000. The lower lower shadow indicates buying at these levels. If prices hold and continue above the support level, we can expect the bulls to resume the upward movement.
Support: $2950, $2650
Resistance: $3700, $4000
(The time is in UTC and the daily time frame is 12:00 AM – 12:00 PM UTC)
(The opinions and recommendations in this section are those of the analysts and do not represent the opinions and recommendations of ETMarkets.com. Please consult your financial advisor before assuming any position on the said asset/s.)
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