Cryptocurrency prices today surged with Bitcoin trading above $57,000 mark. The world’s largest and most popular cryptocurrency was trading at $57,699, up more than 6%. Bitcoin price had recently hit record high of around $69,000 and is up over 99% this year (year-to-date or YTD) so far. Global crypto market cap surged to $2.72 trillion, as per CoinGecko.
“Bitcoin saw a major correction with its prices nearing a 2 month low amid speculations regarding the new coronavirus variant leading to the crash in stock markets. However, BTC appears strong and the daily time frame indicates the formation of a Cup & Handle pattern. We expect resistance at the $68,000 level and immediate support at the $53,000 mark. We believe that a trend reversal is around the corner,” said Siddharth Menon, COO of WazirX.
Ether, the coin linked to ethereum blockchain and the second largest cryptocurrency, also gained more than 7% to $4,337. Dogecoin price rallied over 3% to $0.20 whereas Shiba Inu rose more than 4% to $0.000039, as per CoinDesk. The performance of other cryptocurrencies like Litecoin, XRP, Polkadot, Uniswap, Stellar, Cardano, Solana also were trading with gains over the last 24 hours.
“Ethereum continued to maintain its stronghold against Bitcoin. The daily trend broke out of the triangle pattern and hovered around the $0.075 level. The adoption around DeFi is ever increasing and we expect a turnaround for ETH soon. Immediate support is expected around 0.071 and next resistance at 0.079 levels,” Menon added.
Investors rotated holdings to Bitcoin alternatives as assets under management (AUM) of bitcoin-based crypto funds fell 9.5% to $48.7 billion in November, the largest month-on-month pullback since July, according to a report by CryptoCompare. For overall crypto funds or digital asset management products, this resulted in a marginal monthly fall in AUM from $74.7 billion or -5.5% to $70.0 billion.
In another news, Singapore-based virtual currency exchange Coinstore has begun operations in India at a time when the Indian government is preparing legislation to effectively bar most private cryptocurrencies.
(With inputs from agencies)
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