The global crypto market cap declined to $157 trillion, about 2 per cent higher compared to the last day. Also, the total crypto market volume decreased to $74.98 billion.
Currently, there is a lack of convincing evidence that the rally will sustain due to the unknown nature of the risks presented by the London hard fork and the uncertainty caused by unsatisfied miners.
Ethereum seems to have embarked upon its path to recovery, crossing the $2,600 mark yesterday. ETH has rallied close to 40% from its $1,750 low. A part of the recent recovery can be attributed to the much awaited London hard fork. Traders and investors see the EIP-1559 launch as a bullish driver for Ether as it is likely to reduce gas fees, said ZebPay Trade Desk.
“Miners will be affected the most by the EIP-1159 upgrade as it will burn a portion of the fees generated on the blockchain, in turn reducing their revenues. Potentially, as miners face a loss of revenue, it could be a matter of time before another network benefits and some migration is seen,” it added.
China’s central bank vowed to maintain heavy regulatory pressure on cryptocurrency trading after escalating its clampdown in the market earlier this year.
A few years ago, much of the corporate world shunned the crypto industry. They had written off cryptocurrencies and dismissed the revolutionary blockchain technology. Now they are lapping up the digital tokens swiftly.
Tech View by Giottus Cryptocurrency Exchange
Dash (DASH) coin has been a popular cryptocurrency since its inception in 2014. It was launched as ‘Xcoin’ and was built as a faster and more private alternative to Bitcoin. At its peak, it was among the top 12 cryptocurrencies by market cap.
Dash, an open-source project, aims to become a medium for daily transactions as a digital currency that includes a decentralized payment network. The developers of Dash are an active community, working on the project to improve its functioning and introduce superior technology, adding a vital push to its market sentiment. Today, Dash is among the top 60 cryptocurrencies by market cap.
Recently, Dash introduced a payment app that helped its coin to rally. The retail-focused Dash Direct app is set to increase in adoption with over 125 websites and 155,000 vendors who accept Dash as a mode of payment. With that context, Dash is bullish for the long term.
Technically, Dash is making a rising wedge that may take it to the low $200s. However, a rising wedge is fundamentally a bearish pattern with the possibility of a decline post breakout. Dash is also likely to encounter resistance on its way at $167 and $179. Day traders may be well positioned to grab some Dash for cheap soon. Dash is trading just above its support level of $156 today so its price may hold in the upcoming week.
Support: $156, $136, $125
Resistance: $167, $179, $201
(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.)