-BTC: $68,348.87
-ETH: $3,622.75
-XRP: $0.6233
-LTC: $85.75
The worldwide crypto market is currently valued at $2.59 trillion, showing a slight increase of 5.34% in the past 24 hours. During this period, the total crypto market activity reached $125.03 billion, marking a 14.17% decrease. In the decentralized finance (DeFi) sector, the volume stands at $11.25 billion, contributing 9.00% to the overall crypto market activity within the last day. Stablecoins make up a significant portion, totalling $112.65 billion and representing 90.10% of the total crypto market volume in the past 24 hours.
As for Bitcoin, its dominance has risen to 51.80%, showing a slight decrease of 0.19% during the day.
BTC: BTC price increased by 5.05% and decreased by 2.95% over 24 hours and the past seven days.The asset reached a low and high of $64,545.32 and $68,897.13, respectively.
Tim Buckley, CEO of The Vanguard Group, stands firmly against Bitcoin exchange-traded funds (ETFs), despite customer inquiries. He cautioned against adding Bitcoin ETFs to retirement portfolios due to their volatility. Buckley emphasized that Bitcoin is speculative and doesn’t belong in long-term savings. Its performance during the 2022 stock market downturn, where it mirrored stock losses, supports this view. Despite recent highs, including a record value of $73,835, Bitcoin’s 2022 decline to under $16,000 raises concerns. The SEC’s interest rate hikes also played a role. Stay informed!
Over the weekend, BTCUSD experienced a significant drop, bottoming out at $64,000 zone amid a broader downturn in the cryptocurrency sector. It was not long before the price recovered to surpass $68,000 as buyers jumped in to capitalize on the lower prices.
As we look forward, optimism remains that Bitcoin could push past these challenges, aiming for a break above the $73,700 all-time high. Yet, should it falter and fall beneath the recent low of $64,520, the pathway could be cleared for a further decline towards the $60,000 threshold.
Top of Form
Support | Resistance | ||
S1 | 65725 | R1 | 70054 |
S2 | 62994 | R2 | 71652 |
S3 | 61396 | R3 | 74383 |
ETH: ETH price increased by 5.44% and decreased by 7.84% over 24 hours and the past seven days. The asset reached a low and high of $3,414.17 and $3,676.26, respectively.
Grayscale, a crypto heavyweight, is boldly pushing for an Ethereum ETF. Their updated application to the SEC aims to transform their Ethereum Trust into an ETF, allowing direct trading on NYSE Arca. Despite regulatory hurdles, Grayscale’s Chief Legal Officer, Craig Salm, believes the demand for an Ethereum ETF is akin to that of Bitcoin. With $11.8 billion in assets, this move could unlock $1.73 billion in value. However, the SEC’s approval odds have dipped due to concerns raised by U.S. senators about market integrity and futures-spot market dynamics.
Ethereum recently managed to break through the critical $4,100 resistance mark, an achievement that was short-lived as the price faced a sharp downturn. This sell-off has pushed the price down towards a major support area at around $3,400, where the market has since stabilized and appears poised for a rebound.
That said, should Ethereum’s price undergo further adjustments, it is anticipated to encounter solid support within specific ranges like the 0.5 Fib level ($3,188) and 0.618 ($2,972) mark, which could serve as pivotal points for the coin’s short-term trajectory.
Support | Resistance | ||
S1 | 3484 | R1 | 3741 |
S2 | 3324 | R2 | 3838 |
S3 | 3228 | R3 | 3997 |
XRP: XRP price increased by 4.28% and 1.27% over 24 hours and the past seven days. The asset reached a low and high of $0.5896 and $0.6274, respectively.
The XRP Ledger (XRPL), an autonomous blockchain supporting the XRP cryptocurrency, faces strain due to a surge in micro-transactions. As an independent ledger, XRPL relies solely on its architecture for performance. Debates persist on whether this influx is an attack or stress test, but it undeniably presents a significant scalability challenge for the network.
Despite earlier claims that the XRPL could support up to 1,500 transactions per second (TPS), the increased activity resulting from inscriptions has exposed limitations. The XRPL is currently operating at a mere 50 TPS, well below its alleged capabilities. This disparity has ignited discussions regarding the XRPL’s ability to scale effectively.
XRPs recent surge towards the $0.7 resistance level was met with substantial pushback, causing it to fall back to the $0.6 support threshold. If this support give way, the 200-day moving average, located approximately at $0.57, stands as the subsequent vital support zone.
Maintaining a position above this 200-day moving average is crucial; it imbues traders with confidence regarding the market’s ability to muster further upward movements.
Support | Resistance | ||
S1 | 0.5960 | R1 | 0.6333 |
S2 | 0.5732 | R2 | 0.6476 |
S3 | 0.5588 | R3 | 0.6705 |
LTC: LTC price increased by 4.38% and decreased by 3.04% over 24 hours and the past seven days. The asset reached a low and high of $81.12 and $86.68, respectively.
Litecoin (LTC) remains a practical and reliable cryptocurrency for transactions, capturing the interest of U.S. investors. Its stability, cost-effectiveness, and swift transaction speeds have endeared it to crypto enthusiasts. Yet, the pursuit of high-growth opportunities leads investors to explore emerging projects with significant return potential.
LTC’s attempt to push past the $95 resistance zone recently saw a reversal, with prices pulling back to find support at $80 mark. This level, identified as a crucial daily support zone, is now showing signs of a bullish response.
Looking ahead, the immediate support zones are pegged at $80 (which previously acted as resistance) and $60, indicating potential fallback points if the current support level is breached. On the flip side, resistance levels to watch out for are at $95, followed by $115 and $130.
Overall, the market trend is bullish across all time frames, suggesting a generally optimistic view for future price movements.
Support | Resistance | ||
S1 | 82.31 | R1 | 88.16 |
S2 | 78.7 | R2 | 90.4 |
S3 | 76.46 | R3 | 94.01 |
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