Seven out of the top ten cryptocurrencies traded higher early today. Dogecoin (DOGE) led the gainers, increasing its value by around 13%.
Top digital currencies extended their upside moves on Monday after the impressive rallies over the weekend. Meanwhile, investors appear to take their profits on various cryptos. Seven out of the top digital coins traded higher early today. Dogecoin managed to add 13% to its value.
The overall cryptocurrency market cap climbed to $2 trillion after adding over 1% in 24 hours. Also, the overall cryptocurrency market volume surged more than 2% to hover at $113.61 billion.
Polygon, an Indian crypto startup, declared acquiring Hermez, a ZK (zero-knowledge) cryptograph. The deal cost the firm $250 million. Meanwhile, the company would pay the sum in MATIC coins.
For now, the entire market experiences a positive momentum. According to Edu Patel, Mudrex CEO, the market was finding support over the first half of the previous weekend. However, the narrative appears to change over the past 24 hours as BTC touches $48K. Ethereum has also depicted impressive rallies, surging above $3,300. The executive added that the upcoming 24 hours might see magnified volatility.
BTC Tech View
Bitcoin had formed a critical flag-pole shape on its weekly time frame. The recent actions have seen it breaking out of the pattern as the leading coin appears prepared for more uptrends. BTC might register higher highs and high lows in the sessions to come. The overall cryptocurrency space seems to enjoy positivity as market players appear to buy each of last week’s dips.
BTC vital zones on a weekly timeframe
Resistance – $63,000
Support – $37,350
Ethereum
Ethereum managed to break from its rectangle patterns after consolidation for about 14 weeks. The EIP-1559 update made Ether more attractive. Analysts attribute the upgrade to the recent breakout. With its reactions since the 2020 March crash, Ether look to outperforms BTC.
Ethereum (ETH) surged 3,000% as BTC gained 1,000% during the period. The recent market run sees BTC’s dominance dropping to 44% from 64%. DeFi and ETH-based projects have helped the altcoin market with new highs.
Cardano climbed to rank 3rd as it gained 43% over last week. BTC surged 3.8% in the same period. Other coins with impressive performances at the moment are DOGE, BNB, and DOT.
Subscribe for the latest market updates.