The global crypto market cap eased about a couple of percentage points, slipping below the $2.59 trillion mark compared to the last day. However, the total crypto market volume declined more than 10 per cent to $131.44 billion.
Ether, the second-largest cryptocurrency, soared to a record above $4,400 Friday on bullish sentiment surrounding the most used blockchain network. However, it gave up some gains on the weekend.
“NFT gaming and metaverse-related tokens have shown strong buying momentum last week. We can expect them to consolidate a bit before starting the next wave,” said Hitesh Malviya, Founder, Itsblockchain.com.
Metaverse-related NFT assets have also shown a spike in sales volume after the Facebook rebranding announcement hit the market, he added.
Kicking off the first trading of November, US stock futures marginally rose in overnight trading as stocks across Asia Pacific opened higher for the Monday morning trade, said CoinDCX Research Team.
“As investors are gearing up for a challenging week ahead, we can anticipate that BTC and other top cryptos will likely rise in response to the upcoming hurdles,” it added.
In the meantime, data from CREBACO shows that Indian crypto investments have increased to over $10 billion from $923 million in April 2020, as crypto markets touched all-time highs.
Tech View by Proassetz Exchange
After making a new life high just shy of $67,000 on 20th Oct, Bitcoin has been consolidating in a range, but with a small downward bias for the past few sessions. Trends are definitely up on longer timeframes but we also note lower top formations on smaller time frames like on 4-hour charts.
The short-term weakness, however, is expected to give away to the longer term uptrend in the near future. The first evidence of resumption of uptrend will come when prices go above $62,550, which is the first resistance at present. Once this resistance is taken out, $64,900 followed by $67,000 becomes the next possible target for Bitcoin.
On the lower side, BTC has support at $59,700 and $58,590 levels. There is also a golden cross over of 21- & 50- bar averages on a 4-hour chart. But this bullish signal will gain confirmation only when prices successfully go past $62,550 level.
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)