After an uninterrupted bull run, Solana ran out of steam. In contrast, Ethereum, Dogecoin, and Cardano posted double-digit gains. Binance Coins and Polkadot added 7% each.
The global crypto market cap jumped to $ 2.22 trillion, gaining around 7% from the last day. On the other hand, the total crypto market volume edged up one percent to $ 127.72 billion.
The founder and CEO of Binance, Changpeng Zhao, a global cryptocurrency exchange, has said his U.S. branch may be subject to an initial public offering within the next three years, The Information reported.
ETH has gone wild and crossed the $ 3,700 mark as it continues to rally and nears the psychological resistance level of $ 4,000. BTC, on the other hand, has consolidated just below the $ 50,000 mark, ZebPay Trade Desk said.
âIt is interesting to note however that while BTC appears to be consolidating, several other altcoins have witnessed a surge in prices. ETH has reached a new all-time high against BTC and is currently the most favored asset in the world. space. The overall cryptocurrency market cap shows a bullish pattern with constant highs and lows, âhe added.
The leading U.S. securities regulator on Wednesday sued the founder of the now defunct cryptocurrency exchange BitConnect for his alleged role in fraudulent raising of around $ 2 billion from thousands of investors. Retail.
Back home, the income tax department as well as investors are wondering how to calculate gains on cryptocurrency for tax purposes, especially as tax laws trample and conflict with some regulations and the tax is calculated on the declared value by the assessor.
Technical view by Giottus Cryptocurrency Exchange
Polkadot (DOT) is among the top 10 cryptocurrencies by market cap and has been notably correlated with the price action of BTC. The network uses an environmentally friendly proof of stake consensus algorithm.
It is a fragmented multi-chain architecture that facilitates the interaction between external networks and the personalized first-layer “chains”, thus creating an interconnected Internet of blockchains.
Lately DOT has had one of its best rallies and is gaining incredible volumes which makes it very bullish. DOT broke down from an ascending channel almost a week ago, but quickly returned to the channel. Now the DOT is heading towards cluster resistance, which, if broken, will be even more bullish.
Market capitalization and ranking: $ 550 million (123)
DOT hits higher highs after breaking down descending corners within hourly time frames. Traders can therefore expect some consolidation before its rally continues. The strongest resistance from here is $ 33.4 while support can be found at $ 29.1. While DOT has been creating an ascending channel since early August, it should be noted that it will correlate with BTC’s price actions. Hence, it can change its price trend if BTC turns bearish.
Support: $ 32.0, $ 29.1, $ 26.5
Resistance: $ 33.4, $ 34.3, $ 39.0
The time is in UTC and the daily time is 12:00 to 12:00 UTC
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