Bitcoin Firms at $16k; Dogecoin, Litecoin and Solana get up to 7%
Bitcoin held the $16,000 mark while Ethereum continued to march towards $1,200 again. Market participants were seen in no rush to buy tokens at lower levels, anticipating more bad news.
All the top crypto tokens were trading higher. Dogecoin increased around 7%. Litecoin zoomed around 5% while Solana was up 4%.
The global cryptocurrency market capitalization was traded at $825 billion, down about one percent in the last 24 hours. However, total trading volume zoomed nearly 2% to $44.21 billion.
What is cooking in India
Buk Technology, an NFT-based hotel inventory distribution infrastructure and secondary marketplace, has raised $100,000 in pre-funding from Sandeep Nailwal, co-founder, Polygon. Funds must be used for product development and creating a Minimum Viable Product (MVP).
Buk is a tokenization platform for the hospitality sector that enables the open trading and resale of hotel room reservations. targeting cryptocurrency users and digital nomads, while addressing hotel distribution concerns and completely removing price parity.
Expert take
“Bitcoin, Ethereum and most cryptocurrencies rose on Monday as investors and traders returned to the market after the Thanksgiving weekend,” said Edul Patel, CEO and co-founder, Mudrex.
Bitcoin is trading above the $16,200 level. “If the price breaks above the downtrend line, it could rise to the overhead resistance at $17,622,” he added.
Global updates
The co-founder of Mobius Capital Partners LLP said in an interview Monday that his next goal for Bitcoin is $10,000. He added that he would not invest his own money or client money in digital assets as “it is too dangerous”.
Crypto lender BlockFi filed for bankruptcy protection on Monday, days after suspending withdrawals amid the ongoing fallout from exchange FTX’s bankruptcy filing.
The market contagion from crypto exchange FTX’s rapid collapse has spread to an important digital asset: wrapped bitcoin, a widely traded clone of the largest cryptocurrency.
Crypto funds had their biggest week of outflows in three months, as negative sentiment pervades digital asset markets following the collapse of Sam Bankman-Fried’s FTX exchange, and the contagion to other firms.
Centralized exchanges will continue to control the majority of global trading volumes for digital assets, JPMorgan said, contradicting some crypto-native experts who expect a shift toward decentralized platforms in the wake of FTX’s collapse.
Technical display of Giottus
Decentralized exchanges have gained popularity in the wake of the FTX bankruptcy, and popular dex Sushiswap – with its token SUSHI – seems to be riding the wave.
Although it correctly corrected sharply from $2 to $1 during the crash in November, it has since added 20% to its valuation, showing strength despite a weak and volatile market. Valuation against BTC rose by a high of 6% on Monday and it is currently trading above its 200-day EMA of $1.31.
A CONTRIBUTORShould the market remain flat to positive, SUSHI could target its 50-day EMA again, which is in line with a key resistance at $1.4. A retracement of this level would be a bullish sign, with opportunities at $1.53 and $1.65 likely.
The broad crypto market remains in an indecisive state as of now, and volatility could push alts, including SUSHI, to lower levels. As for SUSHI, these levels will be immediately supported at $1.25 and $1.14. A loss of the recent bounce at $1.07 could lead to a retest of the critical $1 mark.
Key levels
Supports: $1.25, $1.14, $1.07
Counters: $1.4, $1.53, $1.65
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial advisor before taking any position in the asset(s) mentioned.)
