All top crypto tokens were trading higher on Thursday. Solana gained the most, rallying 11%, followed by a 10% gain in BNB. Ethereum was up by 4% during the early Asian hours.
The global cryptocurrency market cap was trading higher around $836.97 billion, rising as much as 2% in the last 24 hours. However, the total trading volume was trading flat, just marginally above $62.21 billion.
What’s cooking in India
Cricket based digital collectibles marketplace Rario has announced its partnership with the captain of Australia in Test and ODI cricket, Pat Cummins, to allow fans from around the world to own his digitable collectibles.
Indian crypto trading platform CoinSwitch has announced the launch of CoinSwitch Pro, a multi-exchange trading platform. The KYC-compliant platform will allow users to trade crypto assets in Indian currencys across multiple exchanges.
Prashant Kumar, Founder and CEO at weTrade, said that crypto market continued to rally for the second day in a row. Bitcoin, covering its losses from last week, regained some ground.
“The minutes of the US Federal Open Market Committee released on Wednesday showed that smaller interest rate increases can be expected. This will bring some positive movement in the cryptocurrency market,” he added.
“The Fundamentals of Ether are getting stronger while we are in the bear market. After the transition from proof-of-work to proof-of-stake, the Ethereum network has infact become deflationary,” said WazirX Trade Desk.
The effect of EIP1556 and proof of stake has put Ether on the path to become a deflationary asset by replacing miners with validators as entities responsible for running the blockchain, it said further.
Rumors emerged on Twitter last week claiming that the Ethereum Foundation is pushing back its timeline for staked ether to be withdrawn from the Beacon Chain.
The Bank of Japan has planned experiments on a digital yen with three megabanks and regional banks in the country, which might start in the spring of 2023, Nikkei reported.
The Ethereum Name Service decentralized autonomous organization has chosen a new fund manager to take charge in managing its treasury in the wake of crypto winter.
Tech View by Giottus Crypto Platform
Chainlink (LINK) – the altcoin that integrates off-chain data into smart contracts, has been fairly bullish amidst the crypto market’s recent recovery. It protected its 2022 low, and was amongst the quickest to establish a market structure change with a 10% rise between Tuesday and Wednesday. Now, it is trading around the $6.75 mark.
As long as it holds the $6.75 level, bullish sentiment should continue as this also happens to be well above .236 retracement level of $6.45 from its crash after the FTX blowup.
There’s a confluence of the .382 retracement level and the 50-day moving average around the $7 mark, which LINK can target next. With its current rise, it has also signaled a market structure change on the higher time frames (such as the 4H). Some consolidation here will allow for indicators such as the RSI to cool off.
With macro factors scheduled for this week, there can be volatility in the markets until 30 November. Should LINK dip, support at $6 and $5.9 would be good opportunities to accumulate for the short to medium term.
Resistance: $7, $7.5, $8
Support: $6, $5.9
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)