Bitcoin and other crypto tokens were trading with big gains on Friday as the moderately paced momentum continued. Crypto market observers expecting post-Shapella selling pressure to send Ether’s price plunging slogged through a day of disappointment.
Bitcoin marched towards the $31,000 mark as the largest crypto token was trading 2 per cent higher. Its largest peer, Ethereum, outperformed with a big margin as it soared more than 10 per cent to hit the $2,1000 mark in the last 24 hours.
ETH is trading sharply higher despite some fearing a massive dump after the Shapella upgrade. As expected, liquid staking protocols are in the green. Bitcoin rose to chase the $31,000-mark, The crypto fear and greed index have jumped 7 points to regain the scoring for 68, hinting towards increasing investor confidence, said Parth Chaturvedi, Crypto Ecosystem Lead at CoinSwitch
“In other news, Twitter has partnered with eToro to allow users to buy and sell stocks, crypto, and other assets. This could spur retail investments as newer avenues come into play. The development indicates that traditional finance players are increasingly entering the crypto market,” he said.
All top crypto tokens were trading with big gains on Friday. After Ethereum, Dogecoin zoomed 8 per cent, whereas Cardano and Polygon surged 7 per cent each. Polkadot gained 6 per cent, whereas Litecoin was up 5 per cent during the early trading hours.
The global cryptocurrency market cap was trading sharply higher, around $1.28 trillion, rising as much as 4 per cent in the last 24 hours. However, the total trading volumes gained almost 16 per cent to $53.48 billion.
On Thursday, Bitcoin was trading around $30,750, while Ethereum was around $2,100. The Shapell upgrade marked Ethereum’s transition from PoW to a PoS consensus mechanism. Some market watchers were unsure of ETH’s price response, said Sathvik Vishwanath, Co-Founder & CEO at Unocoin.
“The token prices of several liquid staking derivatives rose, including LDO Lido DAO, RPL Rocket Pool and SD Stader. Arbitrum Ethereum Scaling System ARB token was one of the best-performing digital assets of the day. In addition, Uniswap on Thursday announced a mobile wallet app that includes support for Arbitrum,” he said.
Blockchain app factory, an enterprise blockchain technology solutions provider has entered into a strategic partnership with bitsCrunch, a forensic and AI-powered NFT analytics firm.
The symbiotic association between the two leading brands will leverage the combined power of their technologies to empower users with forensics and AI-powered real-time analytics. The strategic alliance is aimed at making NFT trading a highly informed decision for users across the globe.
Note: Price change in last 24 hours
Tech View By Giottus Crypto Platform
For the past month, Ethereum (ETH) has been bouncing between the 0.38 fib level at $1,912 and a descending trendline that’s been hanging around for over a year. This week, ETH busted through that resistance and skyrocketed past the crucial $2,000 mark.
With the $2,000 level acting as solid support and the next fib target of $2,230 in sight, things are looking good for the asset. A continued rally can potentially propel it toward the golden pocket near $2,500 if the trend continues.
ETH’s 50 and 200-day moving averages (at $1,728 and $1,471, respectively) are a sign that ETH could be overbought. If the bears succeed to drag down ETH below $2,000 again, they should set their sights on the $1,728 mark to follow up, with the ascending trendline being their next hurdle.
Resistance: $2,230, $2,500, $2,661
Support: $2,000, $1,912, $1,728
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