Top cryptocurrency prices today: Bitcoin, Ether, Solana & Terra zoom up to 17%

Synopsis

Bitcoin has had a volatile couple of months, oscillating between $40,000 and $64,000 and more recently, between $33,000 and $40,000. On the larger time frames, its dip seems to be a 5-wave Elliott correction. One of those targets was situated around the unfilled CME gap around $33,000 – which has already been met.

New Delhi: The cryptocurrency market kicked off the new month on a strong note, despite thin trading sessions due to the ongoing holiday season in Asian hubs, thanks to low-level buying.

All of the top-10 digital tokens were trading higher during the trade on Tuesday. Terra zoomed 17 per cent, followed by a 13 per cent rise in Solana and a 10 per cent jump in Polkadot.

The global crypto market cap jumped almost about 5 per cent to $1.75 trillion. However, the total crypto market volume tanked more than 13 per cent to $63.80 billion.
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What’s Cooking in India?
The government will take a balanced view on the issue of regulation of cryptocurrencies as they have implications on the country’s financial stability, Principal Economic Adviser Sanjeev Sanyal said.

The issue of cryptocurrency has not been covered in the Economic Survey 2021-22, Sanyal said in an interaction with media on the Survey tabled in Parliament by Finance Minister Nirmala Sitharaman.

Global updates
Virtual sporting company Raramuri is hosting the first-ever marathon in the metaverse, where runners can earn digital rewards for running real-life miles.

In other news, FTX raised $400 million in a Series C funding round that gives the cryptocurrency exchange a mammoth $32 billion valuation.


Expert Take
Bitcoin spiked above $38,000 as bearish sentiment faded in the past 24 hours. The selling pressure has slowed down, pushing the market a little up, said Edul Patel, CEO and Co-founder of Mudrex.

“Ethereum gained by 8% and is trading above $2,700. The top altcoins also show more than decent growth, running in the green according to the market cap,” he added.

Tech view by Giottus Crypto Exchange
Bitcoin has had a volatile couple of months, oscillating between $40,000 and $64,000 and more recently, between $33,000 and $40,000. On the larger time frames, its dip seems to be a 5-wave Elliott correction. One of those targets was situated around the unfilled CME gap around $33,000 – which has already been met.

The other is closer to the $24,000 mark, and may well play out to be true over the course of the next month. However, we are likely to have rangebound trading until then. Bitcoin is therefore likely to find support at the $37,000 and $35,500 mark amidst its moves.

Chart-BTCET CONTRIBUTORSHowever, if it tests the larger golden pocket of its drop at the $39,500 resistance, a rejection from there could send it well below the $33,000 support level from the last bounce, and on to $25,000 and below. Such a correction would complete a 5-wave Elliott wave structure and may take until the first week of March to play out.

However, if the $39,500 resistance is broken and holds, it should function as sufficient confirmation that the last bounce was Bitcoin’s bottom and it may be on to another bullish run.

Major levels
Support: $37,000, $35,500, $33,000
Resistance: $39,500, $39,900 Presented By

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Updated: 01/31/2022 — 23:00