crypto price today: Crypto Price Today: Bitcoin holds $20k, Dogecoin, BNB & Shiba Inu rally up to 7%

Synopsis

The global cryptocurrency market cap topped the $1 trillion mark during the early hours, after gaining over a per cent in the last 24 hours. However, the total trading volume soared more than 21% to $88.17 billion.

New Delhi: Crypto market was back in the green on Tuesday. Bitcoin was holding above the $20,500 mark during the day.

The volatility and fluctuations in Dogecoin continued as following Elon Musk’s acquisition of Twitter. Ethereum was marching towards $1,600 levels.

Barring the US dollar-pegged Tether, all other top crypto tokens were trading higher. BNB rallied over 7%, Dogecoin by 5%, Avalanche by 4% and Shiba Inu was up by 3%.

The global cryptocurrency market cap topped the $1 trillion mark during the early hours, after gaining over a per cent in the last 24 hours. However, the total trading volume soared more than 21% to $88.17 billion.

Did you Know?

S has launched a new enterprise on the Metaverse with the aim of accelerating cloud adoption among Indian firms. The interactive and immersive ‘cloud on wheels’ platform will enable customers to experience the full range of S ’s offerings and reimagine processes for improved business outcomes.

View Details » What’s cooking in India
India’s central bank will introduce a pilot wholesale central bank digital currency (CBDC) on November 1, and a retail version will start within a month.

In a statement, the Reserve Bank of India (RBI) said that the use case for the wholesale digital rupee is the “settlement of secondary market transactions in government securities” because it would reduce transaction costs.

Expert take
Edul Patel, CEO and co-founder, Mudrex, said that the price of Bitcoin has remained almost flat in the last 24 hours with its immediate support level at $20,463, indicating buyers’ strength.

The next resistance would be at $21,000. If BTC can break that level, the next would be $21,500, he said. “On the other hand, Ethereum was trading above the $1,600 level in the past 24 hours. The target would be the $1,700 zone,” he added.

Global Updates
Crypto-financed terror attacks probably quadrupled in the past few years, according to a United Nations official interviewed by Bloomberg.

Argo Blockchain’s (ARB) said that a deal to raise US $27 million from a strategic investor has fallen through, sending the bitcoin mining company’s shares tumbling as much as 72%.

Smart contract platform Ethereum’s recent technological overhaul has begun to have an intended bullish effect on its native token ether’s (ETH) price.

The once-popular HUSD stablecoin has fallen dramatically from its $1 peg, dropping to a low of 28 cents after crypto exchange Huobi announced it delisted the asset.

Tech View by Giottus Crypto Platform
The most popular memecoin – Dogecoin (DOGE) — has had a great week in the crypto market. Enjoying a spectacular rally of nearly 170%, DOGE has been on a tear since Musk’s takeover of Twitter.

It is widely expected that Musk will introduce a payment system on Twitter that will involve DOGE, and the crypto market is rooting for it. Amongst the few factors challenging DOGE from going up further is a confluence of long-term macro resistances.
Chart-DOGE (2)ETMarkets.com
There’s a long-term trendline stretching from 2021 that’s given DOGE a pause right now, in combination with the .618 retracement of the dip from its 2022 high. Its RSI has also finally entered decisively overbought territory, currently at nearly 90.

If DOGE drops to $0.112, bullish investors can use the opportunity to buy more. On the other hand, if DOGE claims and holds the $0.158 level, further upside will be expected given that it will signal a clear market structure change on the daily time frame – the most bullish signal of all.

Major levels
Support: $0.12, $0.112, $0.1
Resistance: $0.151, $0.158, $0.18

(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.)

Source

Updated: 11/01/2022 — 02:00