Bitcoin Price slumped 2.81 per cent day-to-day to $47,373.83 at 0808 hours IST, according to coinmarketcap.com. Earlier this week, the cryptocurrency surged to $50,000. In April, the world biggest currency Bitcoin surged and hit an all-time high at $65,000. Bitcoin witnessed a sharp fall from $65,000 in April to $28,800 in June, after a massive sell-off in June and July, triggered by Chinese ban on the corporates, financial companies, payment companies, providing services related to cryptocurrency.
“Bitcoin has broken out of the rectangle pattern after 12 weeks of consolidation. It now trades around the 1st level support on the trendline. Day close below the trendline($46,640) may put sell pressure on Bitcoin and it may test the 2nd level support around $41,000-$42,000. Corporates like Microstrategy still find Bitcoin attractive at this level, they bought around $177 million worth of Bitcoin at $45,294 per coin.Key Levels for Bitcoin -Resistance – $53,000, Support – $41,000,”Siddharth Menon, COO WazirX said.
On the other hand, Ether, the rival currency of Bitcoin was trading at $3,124 or down 2.81 per cent at the time of this article. It was trading down 3.46 per cent over the last week. The market cap for Ether stood at $366.28.72 billion.
According to ZebPay’s trade desk, Ethereum faces a stiff resistance at $3,335, which it hasn’t been able to beat, which means that bears are defending aggressively. Signs of weakness might emerge, if the asset turns close to $3,000. Another important event to watch out for is the ETH options expiry due tomorrow, which might impact the spot prices too.
“Ether made a ‘Double Bottom pattern or a ‘W’ pattern at $1,721. It completed the pattern at $2,400 giving a breakout above the neckline with good volumes and the asset witnessed a sharp rally surging almost by 96.8% making the high of $3,380. Post this move, the asset has faced stiff resistance around the $3,400 mark and the prices are consolidating and trading in a broad range from $3,350 to $2,975. Breakouts on either side will further decide the trend for the asset. Ether resistance 1: $3,400, resistance 2: $3,800, support 1 $2,950, support 2 $2,650, Zebpay’s trade desk said.
The third spot was occupied by Cardano, which was trading at $2.59, down 4.52 per cent at the time of this article. The Cardano was trading up 6.89 per cent over the last week. Binance Coin stood at $483.83, up 5.09 per cent over the past 24 hours. The Binance Coin was trading up 12.13 per cent over the last week. The market cap for Binance Coin stood at $81.3 billion.
The global crypto market cap is $2.02 trillion, a 3.46 per cent decrease over the last day. The total crypto market volume over the last 24 hours is $111.24 billion, which makes a 1.42 per cent decrease. The total volume in DeFi is currently $16.08 billion, 14.46 per cent of the total crypto market 24-hour volume. The volume of all stable coins is now $88.0 billion, which is 79.13 per cent of the total crypto market 24-hour volume, as per Coinmarketcap.com.
“The Altcoin markets have formed similar charts like Bitcoin. It is trading around the buy zone. Markets always give opportunity for the new Investors to start their journey. One needs to approach the markets with proper risk assessment and diversify. Buying on support has most of the times proven to be a good strategy with a long term view, some of the disciplined. Investors even do SIP’s buying the dips. The Key levels for Altcoin markets-Resistance – $1.4 trillion, Support – $1 trillion,” Siddharth Menon, COO WazirX.
Here are the top cryptocurrencies and their prices on August 27, 2021 (data from coinmarketcap.com while publishing the article)
Bitcoin $47,373 or -2.81 per cent change in 24 hours
Ethereum $3,124 or -2.81 per cent change in 24 hours
Cardano $2.59 or -4.52 per cent change in 24 hours
Binance Coin $483.83 or -5.09 per cent change in 24 hours
Tether $1.00 or 0.00 per cent change in 24 hours
XRP $1.10 or -5.61 per cent change in 24 hours
Dogecoin $0.2727 or -5.70 per cent change in 24 hours
USD Coin $1.00 or 0.00 per cent change in last 24 hours
Polkadot $24.61 or -4.92 per cent change in 24 hours
Solana $82.33 or 13.51 per cent change in 24 hours
Uniswap $25.79 or -5.18 per cent change in 24 hours
Terra $29.75 or 1.25 per cent change in 24 hours
Bitcoin Cash $607.91 or -5.68 per cent change in 24 hours
“The selloff in the crypto markets continues for yet another day as Bitcoin dropped below a crucial support level. It created a sense of bearish presence across the crypto spectrum. The traded volumes shot as soon as investors anticipated a big drop. This profit booking caused the price to drop even further. The Altcoins were under bigger selling pressure. Amid the selloff, Solana remained stable, indicating that the steam to this Ethereum’s closest competitor might still be alive,” said Edul Patel, CEO and Co-founder, Mudrex- A Global Crypto Trading Platform.