Top cryptocurrency prices today: Bitcoin, Terra, Avalanche gain up to 9%

New Delhi: The cryptocurrency market is back in action with solid gains after the latest correction due to weak appetite for the riskier asset class. Rising inflation and the hawkish tone of central banks kept investors on the alert.

With the exception of XRP and Solana, eight of the top 10 digital coins were trading at 9.30 AM ET. The avalanche increased by 9 percent, while Terra and Bitcoin added up to 4 percent each.

Bitcoin, the digital token Uno, has crossed the $47,000 mark once again, while its peer giant Ethereum has crossed the $4000 mark after more than a week.



The global cryptocurrency market cap has increased by a percentage to $2.21 trillion compared to the previous day. However, the total volume of the cryptocurrency market increased by about 23 percent to $95.29 billion.

Although there was a range-limited session, volumes increased over the past 24 hours. This indicates that the cryptocurrency market may be ready for a volatile session over the next few days, said Edul Patel, CEO and co-founder of Mudrex.

What is cooked in India?
Cryptocurrencies are still in a legal gray area but have become a household phenomenon amid the pandemic as the prospect of multi-bag returns has drawn Indians to the highly volatile digital tokens.

According to Reuters, up to 15 million Indians own crypto assets. Crypto’s growing popularity caught the attention of policy makers earlier this year.

Parliament’s month-long winter session is set to end on Thursday, and there are no signs of the bill yet. To add to the concerns, the Reserve Bank of India (RBI) told its board last week that a complete ban on cryptocurrencies is necessary because partial restrictions will not work.

expert opinion
“Cryptocurrency markets have been generally quiet over the past 24 hours, trading tightly within the 5 percent range. Leverage risks continue to decline across the board as traders cancel positions before the holidays,” said the CoinDCX research team.

“Funding rates have been close to zero for the big names. As we head into the end of the year, we expect market activity to remain muted, with interest returning in January as investors begin to reallocate toward the asset class,” she added.

Global Updates
CoinSwitch Kuber, India’s largest crypto company by users, added new crypto assets in December for investors.

Decentraland (MANA), Sandbox (SAND), Gala (GALA), Request (REQ), and Coti (COTI) are the assets included in the platform. crypto unicorn has started various educational initiatives to inform and educate investors as part of this asset listing process.

Tech Show by Giottus Cryptocurrency Exchange
While blockchain can be applied to many problems and challenges, many successful crypto projects tend to focus on payment solutions. This space tends to be one of the most difficult to solve, with many aspects to consider – such as transaction time, costs, ease of use, etc.

Stellar Lumens intends to compete with the likes of Western Union and MoneyGram, as its blockchain network aims to offer a faster and cheaper way to make payments globally. It does this by operating its own exchange that allows assets to be transferred between users. In other words, users can send money to anyone in the currency of their choice.

ETMarkets.com

The cryptocurrency Stellar Lumen – XLM – started the year with a sharp rise. However, the decline of XLM during the last crash in December was sharp – it went from $0.36 to $0.22. As a result, the Fibonacci retracement of this drop is spread out somewhat. The first resistance – $0.257 – is where XLM is trading right now, and it has been consolidating for several days. Any close on the larger time frames should help provide fuel for the next resistance located at $0.277 and $0.294. However, the intermediate trendline resistance around $0.27 will also need to reverse to support.

If Bitcoin continues to appear bearish – given its recent weekly close below key levels – more downside is surely on the cards for all altcoins, including XLM. It may well go down to fill the bottom of the crash wick – located at $0.224. This may provide a failed swing pattern movement (i.e. a fast wick and a strong bounce). However, if that does not materialize, the support from $0.198 – the key level where it rebounded earlier in July – should come to the rescue.

main levels
Support: $0.244, $0.198

Resistance: $0.257, $0.277, $0.294

(The time is 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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