Bitcoin on Tuesday, at 0803 hours IST was trading at $52,690.46, up 1.78 per cent. However, the market cap of the largest currency stood $989.85 billion. With Bitcoin, Ethereum and Cardano, both were trading in the green. Ethereum was up 0.45 per cent to $3,944.58, Cardano was down 0.91 per cent, and was trading at $2.87. On Tuesday, the big news that said to have led to a sharp rally in bitcoin prices is El Salvador bought its first 400 bitcoin and plans to soon buy “a lot more," as the country nears the Tuesday deadline to make bitcoin the country’s official currency, President Nayib Bukele tweeted on Monday.
“El Salvador has just bought its first 200 coins," Bukele said in a series of tweets on Monday. “Our brokers will be buying a lot more as the deadline approaches."
Apart from Bitcoin and Ethereum, other cryptocurrency such as Binance coin, XRP were trading in the green. Binance Coin was trading at $504.68, up 1.10 per cent however, XRP was trading at $1.38, up 4.32 per cent.
“Bitcoin has formed the channel pattern on a weekly timeframe. It is currently trading near the lower trendline of the channel which makes the risk-reward favourable for the new Investors. The support is expected at $35,000 level towards the lower trendline and resistance is expected at $110,000 towards the upper trendline. In the past cycles, EMA 21 on a weekly time frame was one of the crucial indicators to predict the trend of the crypto markets. If Bitcoin sustains above the 21 day EMA on a weekly time frame, we would see Ether to outperform Bitcoin and make new highs. Some of the interesting infrastructure projects catering to smart contracts like Cardano, Solana, Avalanche and EOS could outperform Bitcoin in the coming week,” Siddharth Menon, COO WazirX said.
The global crypto market cap is $2.37 trillion, a 1.62 per cent increase over the last day.The total crypto market volume over the last 24 hours is $140.29 billion, which makes an 18.93% increase. The total volume in DeFi is currently $19.34 billion, 13.78 per cent of the total crypto market 24-hour volume. The volume of all stable coins is now $108.12B, which is 77.07 per cent of the total crypto market 24-hour volume. On the other hand, Bitcoin’s dominance is currently 41.68 per cent, an increase of 0.04 per cent over the day.
“The heavyweights in the crypto market saw consolidation kicking in. Both Bitcoin and Ether forming Doji candles on the daily timeframe price chart. It indicated that the market did not have a clear direction of the momentum. Following the consolidation among the leading cryptos, some Altcoins, which appeared to be on steroids after BTC touched $50k, lost their momentum and were sold off. However, Ethereum’s closest competitor in terms of usability, Solana, had another fantastic session. After a relatively slow weekend, SOL picked up the pace and shot up more than 12 per cent. The traded volume in SOL was the third highest after BTC and ETH. It shows that investors are still pretty bullish on Solana. The global crypto market cap surpassed $2.35 trillion as the total traded volume across exchanges shot up more than 17 per cent,” Edul Patel, CEO and Co-founder, Mudrex- A Global Crypto Trading Platform.
Here are the top cryptocurrencies and their prices on September 07, 2021 (data from coinmarketcap.com while publishing the article)
Bitcoin $52,690.46 or ( +1.78 per cent) change in 24 hours
Ethereum $3,944.58 or (+0.45 per cent) change in 24 hours
Cardano $2.87 or (-0.91 per cent) change in 24 hours
Binance Coin $504.68 or (+1.10 per cent) change in 24 hours
Tether $1.00 or (-0.04 per cent) change in 24 hours
XRP $1.38 or (+4.32 per cent) change in 24 hours
Solana $174.84 or (+22.40 per cent) change in 24 hours
Dogecoin $0.3076 or (-1.92 per cent) change in 24 hours
Polkadot $34.65 or (+1.87 per cent) change in 24 hours
USD Coin $0.9996 or (+0.01 per cent) change in last 24 hours
Uniswap $29.29 or (-1.36 per cent) change in 24 hours
Chainlink $34.83 or (5.24 per cent) change in 24 hours