Except for XRP, all nine of the top 10 digital tokens were trading higher at 9.30 IST. Cardano led the winners, with a 9 percent rally. Bitcoin and Ethereum also posted significant gains.
The global market capitalization of cryptocurrencies increased slightly to around $ 2.6 trillion compared to the last day. However, the total volume of the crypto market fell more than 9 percent to $ 114.04 billion.
The cryptocurrency market has moved in a limited range zone during the last 24 hours. This consolidation helps weed out bad players from the market, said Edul Patel, CEO and co-founder of Mudrex.
"Total volumes traded fell almost 10 percent, as usual towards the end of the week. In the coming days, we can expect the market to remain in range," he added.
Crypto in India
Cryptocurrency exchanges are turning to targeted marketing and advertising campaigns to calm the nerves of investors who are ditching their investments amid regulatory uncertainty over virtual currencies.
Additionally, world snooker and billiard champion Pankaj Advani has joined the bandwagon of celebrities charging for the newly discovered interest in non-expendable tokens (NFTs).
Expert opinion
Facebook reversed its long-standing stance on banning crypto advertising on its platform, taking another step toward adoption and adoption by the digital asset industry, the CoinDCX research team said.
"Following the company's attempt to launch Libra, its rebranding to Meta, and now allowing crypto ads, Facebook's progressive move is an encouraging move for the digital asset sector," he added.
Goldman Sachs also sees value in the crypto options markets as an avenue for institutional adoption, the interest and value of the crypto industry is evidence of its long-term position in the future of finance, technology, and business.
Global perspective
El Salvador is building a new city. The concept of this unique city is duly backed by Bitcoin, the world's largest crypto player in terms of market capitalization.
Price change in the last 24 hours
ZebPay Trade Desk Technical View
Polygon (MATIC) has seen a strong rally last week, when it rose to $ 2.25 from $ 1.78 in a span of just 48 hours. The asset has a market capitalization of $ 14.8 billion and is ranked 15th.
Polygon appears to be holding on to the uptrend quite strongly, and the entries the asset has seen belatedly support this claim. Ultimately, Polygon aims to solve scalability issues on the Ethereum network, which has suffered from congestion and high fees.
Matic witnessed a sharp correction in May this year after making a high of $ 2.82 and prices fell to $ 0.6221. After this move, the asset is in recovery mode and prices rose almost 250%, reaching a high of $ 2.22 in October.
Technically, on the daily time frame, Matic has formed a broad 'symmetrical triangle' pattern where the rising sloping line acts as support and the upper sloping line acts as resistance. The asset has soared higher, but is struggling to stay above its previous high of $ 2.22. Therefore, to keep rallying, Matic needs to trade and close above $ 2.22.
Higher levels
Support: $ 1.8, $ 1.4
Resistance: $ 2.22, $ 2.82
The time is in UTC and the daily time frame is 12:00 am to 12:00 pm UTC
(Opinions and recommendations given in this section are those of analysts and do not represent those of ETMarkets.com. Consult your financial advisor before taking any position on the assets mentioned).
