With the exception of Bitcoin, Terra, and Solana, the other seven circulated among the top 10 lower digital coins during early trading. Cardano is down 6 percent, thanks to book earnings at the counter. Bitcoin was steady above the $42,000 mark despite Ethereum dropping below $3,200 levels.
The global cryptocurrency market capitalization is down about 1% to $2 trillion compared to the previous day. Total cryptocurrency market volumes remained flat, almost unchanged at $77.46 billion.
As Bitcoin approaches 2022, a growing group of long-term investors are doubling their cryptocurrency stocks, hoping that the December drop will be just a passing picture.
What is cooking in India?
Indian crypto exchanges are considering updates to their self-regulatory code of conduct to avoid getting into trouble with regulators. IAMAI and BACC did not respond to ET inquiries seeking comment. This step comes amid intense monitoring of the sector by the regulatory authorities, including the Income Tax Department, the Implementation Directorate, and others.
BTC continues to trade sideways as other altcoins of the likes of BNB, ADA and XRP are trading in the red, CoinDCX Research Team. “In the lead up to the House Energy and Commerce Committee hearing on energy use in crypto and blockchain, we may expect the cryptocurrency market to face even bigger uphill battles,” she added.
- Singapore and China’s Silicon Valley, the city of Shenzhen, are building what is likely the world’s first blockchain-based network for the cross-border exchange of trade data between two major economies.
- Animoca Brands, an investor in NFT and Metaverse Ventures, has raised nearly $360 million at a valuation of $5.5 billion.
- Bahrain-based cryptocurrency exchange Rain Financial has raised $110 million in a Series B funding round co-led by Paradigm and Kleiner Perkins, according to CoinDesk.
OpenSea, a non-fungible token market (NFT), set a new daily volume record of $261 million on Sunday. It has averaged $169 million in trade volume per day so far this month.
It saw its monthly Ether (ETH) trading volume cross $3.5 billion for the first time ever with two weeks left in January.
New competitors are rapidly gaining ground in OpenSea, and one of the main competitors is LooksRare, a new NFT marketplace that launched earlier this month and already surpasses OpenSea in terms of trade volumes, according to Dune Analytics.
The lack of significant competition was one of the main reasons for its success. WazirX Trade Desk said this could change in 2022 as many platforms look to tap the potential.
“The market remains bustling with activity, which could easily attract new entrants like the recently launched ‘LooksRare’ into the fray. Based on the above numbers, NFT may not be FAD as it could play a pivotal role in the metaverse,” he added.
Tech offer from BuyUcoin
Polygon’s MATIC is one of the top 20 performing cryptocurrencies. Even during the last recession, it was trading above the 200-MA.
Matic is trading in a parallel channel. After trading mostly in the upper zone, Polygon (MATIC) fell back to the lower red section of the channel, i.e. the support, which was followed by an upward correction towards $2.50.
With the Relative Strength Index (RSI) around 50, the price appears to be crowding a bit in the middle of the trend channel. Near-term price activity may move in either direction, but the rally is expected to continue as the London Polygon hard fork is set to kick in.
Still aiming for a $3 goal. It will be interesting to see how far MATIC can go in light of current events.
(The opinions and recommendations in this section are those of the analysts and do not represent the opinions and recommendations of ETMarkets.com. Please consult your financial advisor before assuming any position on the said asset/s.)