Most cryptocurrencies gained on Tuesday amid largely negative trends across major global markets.
World's most popular and largest cryptocurrency Bitcoin breached the $22,000 level to hit a one month high. It was trading 3.7 percent higher at $22,097.9 at 8:20 am. Bitcoin's market capitalisation was at $422.2 billion, while the trade volume was at $45.8 billion in the past 24 hours.
A WazirX analyst said, “The 12-hourly chart for BTC has broken out of the channel pattern. The next key resistance level for BTC is expected at $32,300 and an immediate support level is expected at $17,700. The daily RSI continues to remain in a healthy zone above the level of 50. We could expect the uptrend to continue in the coming weeks.”
Second-largest virtual currency Ether was up 8.1 percent at $1,526.7 with market capitalisation of $185.2 billion. Trade volume of Ethereum was $31.2 billion in the last 24 hours.
On Ethereum, the WazirX analyst said, “On the daily time-frame, the trend for Ethereum has broken out of the descending channel pattern. The next key resistance for Ethereum is expected at $1,740.”
Meme crypto Dogecoin was 4.2 percent up with a trade volume of $630.2 million in 24 hours. Shiba Inu was trading 5.5 percent higher at $0.000012 while Solana was almost one percent up at $43.5 billion.
Edul Patel, CEO and co-founder of Mudrex, said, “If bulls can sustain the momentum, Ethereum could reach the US$2,000 mark. If not, we can expect a retracement.”
Indian headline indices made a gap-down start on Tuesday tracing losses across major other Asian equities.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Exclusive | NDA will cross 400 mark before 12:30 pm on June 4, can win all 80 seats in UP, says Amit Shah
May 2, 2024 12:47 PM
View | Congress manifesto vs BJP's wealth redistribution narrative — is it something out of nothing
May 2, 2024 9:10 AM
Two days left for filing nomination, Congress undecided on candidates for Amethi and Rae Bareli seats
May 2, 2024 7:32 AM
Lok Sabha polls: Polling time in Telangana increased by an hour, here's why
May 2, 2024 6:55 AM