Most major altcoins were in the green, with a stellar buying interest in the popular meme coins. All eyes were set on the US Fed’s monetary policy meeting, scheduled next week.
Barring the polygon and the US dollar-pegged Tether, all other top crypto tokens were trading higher. Dogecoin zoomed 15
%, Shiba Inu was up by over 6% and Ethereum jumped 4%
The global cryptocurrency market cap hit the $1 trillion mark, after rising up to 3% in the last 24 hours. However, the total trading volume jumped as much as 13% to $102.4 billion.
Expert take
Extending the Buoyancy, the global market cap touched $1 trillion after almost a month. The top two cryptos – Bitcoin and Ethereum- also saw some renewed interest, said Prashant Kumar, CEO and Founder, weTrade.
“Positive momentum around the appointment of UK prime minister Rishi Sunak, global markets along with a hope of a reduced interest rate hike in the US Federal Reserve market next week all played a role,” he added.
Tech View by Giottus Crypto Platform
Ethereum (ETH) has turned bullish on the lower time frames. Much of this move can be attributed to the broader market sentiment turning positive after Bitcoin broke through a year-long resistance. ETH has taken this opportunity to rise more than 30% from its recent bottom.
ETH still needs more confirmations on the higher time frame charts to establish an uptrend. While it has been trading well above its 50-day moving average of $1,380, it will need to clear resistance at $1,700 (its .618 fibonacci retracement between August and now) to continue moving up. Slightly above this at $1,800, it will be able to register a higher high and signal a clear market structure change. Those looking to open long positions may want to therefore adopt a wait and watch approach.
For those with a bullish bias looking to enter, support at $1,500 and $1,440 can offer good opportunities to engage in some buys on dips, the experts suggested. With its daily RSI hitting 70, a minor correction can be reasonably expected in the coming days, or at the very least – some sideways consolidation, they added.
Global Updates
Google reported its softest advertising growth in nine years, with company management taking note of softer crypto ad spending as contributing to the weak numbers.
The decentralized autonomous organization (DAO) behind crypto exchange SushiSwap has approved a legal structuring by an overwhelming majority.
The flagship crypto fund for venture-capital firm Andreessen Horowitz’s, which is also known as a16z, has cratered by more than 40 per cent in the first half of this year, the Wall Street Journal reported, citing people familiar with the matter.
The UK National Police Chiefs’ Council (NPCC) has stationed crypto tactical advisers in police departments nationwide to help investigate and seize digital assets tied to crime.
