Top cryptocurrency prices today: Avalanche, Solana, Bitcoin zoom up to 16%

New Delhi: The cryptocurrency market returned to the green on Thursday as appetite for riskier assets improved after the Federal Reserve’s comments.

With the exception of the stablecoins pegged to the dollar, all the other eight coins in the top 10 cryptocurrencies were trading at 9.30 IST. Avalanche surged 16 percent to make its way into the top 10 icons, while Solana climbed 11 percent.

The global cryptocurrency market capitalization increased by more than 3 percent to $2.37 trillion compared to the previous day. However, the total size of the cryptocurrency market increased by more than 25 percent to $131 trillion.



What is cooked in India?
Cryptocurrency exchanges are set to see a consolidation amid concerns and confusion over government attempts to regulate crypto assets. Some exchanges have started exploratory talks with other Indian exchanges and foreign players, several people involved in the discussions told ET.

expert opinion
The CoinDCX research team said that in the wake of the US Federal Reserve cutting the pandemic stimulus of the coronavirus in response to rising inflation, the price of Bitcoin has surged in the past 24 hours.

With the view that bitcoin and other digital assets can hedge against a possible dollar decline, investors have turned to cryptocurrencies amid the uncertainty.

“Other cryptocurrencies have also responded positively to the recent development. With US inflation hitting a 40-year high, along with the withdrawal of stimulus, there may be greater headwinds for the cryptocurrency market,” she added.

Global Updates
Gita Gopinath, chief economist at the International Monetary Fund, said that emerging economies should regulate cryptocurrencies rather than ban them. She called for urgent global policy on the issue.

The price of cryptocurrencies listed on Coinbase Global Inc. and popular data provider CoinMarketCap.com briefly on Tuesday, as several coins showed astronomical gains that prompted users to rush about huge windfalls and others wondered what had happened.

NFT update
NFT-based tokens are going through a correction as the entire crypto market goes through a sale. Hitesh Malviya, founder of Itsblockchain, said investors should monitor further evolution of price action before jumping into any NFT-based cryptocurrencies at this point.

Tech Show by Giottus Cryptocurrency Exchange
As the DeFi ecosystem continues to grow, we are seeing an explosion in the number of tokens created on blockchain platforms. This demand necessitated the need for a tool that enables the transfer of liquidity between platforms, including centralized and decentralized exchanges.

Reef, with its REEF code, intends to achieve this as a “multi-threaded cryptographic operating system”. With a relatively small market value of less than $300 million, it has failed to deliver on its promise amid volatile markets lately.

Bloomberg

REEF has fallen from its October high of $0.038 to $0.015 in December – nearly a 60% drop. Such a large slope creates resistances above at relatively large gaps, giving the REEF room for consolidation while the trip to the top becomes longer. REEF should deal with a 0.236 retracement resistance at $0.02, followed by $0.024.

Also, the market structure in REEF deals with trendline resistance which should turn into support before further upside. On the lower end, it previously rebounded above the key daily level of $0.01675 and has the fuse of the recent breakdown at $0.015 which could provide a quick rebound in testing for those looking to buy.

main levels
Support: $0.01675, $0.015

Resistance: $0.02, $0.024

(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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