crypto price today: Crypto price today: Bitcoin marches towards $20k; Polygon & Uniswap rally up to 7%
Apart from US dollar-pegged stablecoins, all other crypto-tokens traded higher on Tuesday. Polygon zoomed 7%, while Uniswap rose over 4%. Solana and Ethereum also added up to 3%.
The global cryptocurrency market capitalization traded higher at $933.59 billion, rising nearly 2 percent in the past 24 hours. However, total trading volume jumped as much as 31% to $50.53 billion.
Expert take
Edul Patel, CEO and co-founder of Mudrex said most cryptocurrencies started the week in the green after the market bounced back. Bitcoin appears to have fixed above the $19,000 level, indicating the increase of buyers in the market, he said.
“ETH is still on a bearish trend as buyers outnumber sellers. If the price of ETH continues to maintain its upward momentum, we may soon witness an influx of buying power,” he added. The crypto market has entered a more mature and stable phase since the beginning of this month, with Bitcoin finding strong support at the $19,000 level, said Tarusha Mittal, COO, and co-founder, UniFarm.
Bitcoin is being distributed as a reserve currency worldwide amid falling global fiat currencies and has emerged as a preferred choice of investors to beat inflation and secure the purchasing power of the money, she added.
Global updates
Ripple is testing a way for developers to deploy smart contracts created for the larger and more popular Ethereum on its low-stakes XRP Ledger blockchain.
The notorious North Korean hacker group Lazarus has attacked several Japanese crypto funds through phishing and social manipulation, according to a joint statement from local police and the Financial Services Agency of Japan.
Japan’s government has approved a cabinet decision to amend existing laws to curb money laundering using crypto, according to local news reports.
Tech View of Giotto’s Crypto Platform
Aave (AAVE) is the original governance token of the Aave platform, a DeFi platform that allows users to lend and borrow cryptocurrencies. Lenders can deposit crypto assets and earn interest, while borrowers can pledge the crypto as collateral to get a loan.
AAVE hit a record high of $650+ in 2021. Today it is trading in the $70-80 range. However, AAVE is up more than 20 percent from the last low last week. AAVE is now struggling with a key trend line that previously served as support but turned to resistance in September.
This trendline is consistent with the 50-day moving average, which is at $79-80. This key level will need a breakout with momentum and volume to sustain more upside. As Bitcoin does not look particularly bullish and macro trends are not very supportive globally, it is also likely that AAVE will remain in the short accumulation zone it has been in for the past month, and perhaps even break down to new lows.
This could lead to losing the important support level at $70 and eventually $64. A clear confirmation on each side should be observed before taking positions.
