The global crypto market cap jumped to $1.58 trillion, almost 3 per cent higher compared to yesterday. However, the total crypto market volume declined over 11 per cent to $76.75 billion.
iStockCrypto bulls were back in action, tired after a sharp run in the last one week. However, XRP emerged as an exception, which was just shy of a double-digit gain.
New Delhi: After a day's pause, major cryptocurrencies were back on the upward track. The lower half of top 10 digital tokens gained as much as 10 per cent at 9:30 hours IST on Friday. Crypto bulls were back in action, tired after a sharp run in the last one week. However, XRP emerged as an exception, which was just shy of a double-digit gain.
The global crypto market cap jumped to $1.58 trillion, almost 3 per cent higher compared to yesterday. However, the total crypto market volume declined over 11 per cent to $76.75 billion.
Cryptocurrency markets seemed to be indecisive over the past 24 hours. However, other cryptocurrencies are attracting investors.
"Markets seemed to be lacking momentum as aggressive traders stayed outside the fence. With the 'London Hard Fork' upgrade coming to the Ethereum network next week, crypto markets could have an action-packed weekend," said Edul Patel, CEO and co-founder of Mudrex.
Bitcoin surged to $40,000. It was driven primarily by bears getting liquidated and a rumour that Amazon may accept Bitcoin as a mode of payment at their platform. However, the company denied such speculations.
"This might look bad, but the official response from the company mentioned that there is an interest in cryptocurrency. So, although they denied the rumour, Amazon has not outright denied cryptocurrency," said Siddharth Menon, COO, WazirX.
"Coincidentally, $2.2 billion worth of BTC has left exchanges in one day. It seems like institutions are taking advantage of a cheaper Bitcoin," he added.
Tech View by ZebPay Trade Desk XRP is the native currency of Ripple Labs, a software company that made the cryptocurrency and distributed ledger technology alongside a range of payment protocols to streamline cross-border settlements for financial institutions.
A newly announced partnership between Japan’s largest money transfer provider, SBI Remit, and Philippines-based mobile payments service Coins.ph, that will deploy Ripple’s On-Demand Liquidity (ODL) to offer more affordable remittance options, has made XRP the talk of the town. The assets appreciated by 20% when this agreement was signed.
XRP last week made a low of $0.51601. It took the support near its previous low ($0.51252) and made a ‘Bullish Engulfing’ pattern (Trend Reversal pattern). Since then the bulls have taken charge and the asset has surged almost by 48% and made the weekly high of $0.76623.
The asset can face resistance around $0.79350 levels and we can expect some profit booking around these levels. If it closes above $0.79350, we may see another rally up to the next resistance at 0.092867.
Time is in UTC and the daily time frame is 12:00 AM - 12: 00 PM UTC
(Views and recommendations given in this section are the analysts' own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)
iStock
"Markets seemed to be lacking momentum as aggressive traders stayed outside the fence. With the 'London Hard Fork' upgrade coming to the Ethereum network next week, crypto markets could have an action-packed weekend," said Edul Patel, CEO and co-founder of Mudrex.
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