crypto price today: Crypto price today: Bitcoin marches to $17K; Solana, XRP and Uniswap rally up to 13%
Apart from US dollar-pegged stablecoins and Tron, all other top crypto tokens were up. Solana gained 13% and XRP gained 11%. Uniswap and Polygon jumped up to 10% each.
The global cryptocurrency market capitalization jumped to $843.89 billion, rising more than 4% in the past 24 hours. However, total trading volume jumped around 36% to $82.61 billion.
Expert take
Most cryptocurrencies rose on strong comments from Elon Musk in the crypto market on Monday. Bitcoin rallied as volatility in the crypto market continued after the collapse of FTX, said Edul Patel, CEO and co-founder, Mudrex.
“On the other hand, Ethereum returned the support level at $1,180. It is likely that ETH can consolidate, he said. “If buyers can hold the initiative achieved, the correction could lead to the test of the $1,300 zone this week,” he added.
Global Upates
The Solana Foundation said Monday it has tens of millions of dollars in cryptocurrencies stranded on FTX — as well as 3.24 million common shares in Sam Bankman-Fried’s bankrupt crypto exchange.
The collapse of FTX and Alameda has triggered another round of deleveraging in crypto markets, and it is likely to spur more “crypto quantitative tightening,” Morgan Stanley said in a research report.
In the wake of crypto exchange FTX’s fall, US Treasury Secretary Janet Yellen said the industry needs “very careful regulation”, Bloomberg reported.
Dominant cryptocurrency exchange Binance’s CEO Changpeng Zhao called for new but stable and clear regulations for the industry, in light of recent developments and participants “cutting corners.”
Institutional investors soured on cryptocurrencies even before this week. The sudden fall of Sam Bankman-Fried’s FTX may have permanently damaged their prospects for inclusion in mainstream portfolios.
Tech View of Giotto’s Crypto Platform
Decentralized exchange dYdX’s token of the same name has had a strong run recently. When the charts were analyzed in October, it was trading at $1.2, and a potential for a nearly 20% rally to $1.47 was seen. However, dYDX’s price has now doubled – trading at nearly $2.5 just a month later. Much of this can be attributed to the failure of the FTX exchange and the severe lack of trust in global centralized exchanges right now. It is also the result of dYDX breaking out of a downtrend of several months.
With dYdX falling after a high of $2.65, a clear 1 market structure change on the higher timeframes has yet to be established. But dYdX has claimed an important resistance level at $2.6. If it continues to hold this level in the short term, a target of $3 followed by $3.5 and $3.75 will be next.
With the RSI indicator hitting overbought territory, some consolidation or even a mild correction down to $2 and below is possible. These should serve as good buy-on-dips opportunities, as sentiment for decentralized exchanges remains positive.
Great levels
Support: $2, $1.8
Resistance $2.4, $3.0, $3.5
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Consult your financial advisor before taking any position in the asset(s) mentioned.)
