The global crypto market cap declined to $156 trillion, about 2 per cent higher compared to the last day. However, the total crypto market volume increased marginally to $74.9 billion.
According to Pantera Capital, the Ethereum platform’s potential applications, lower environmental impact and technical upgrades are likely to help the Ether token continue to outperform Bitcoin.
“The past 24 hours were yet another choppy session for the cryptocurrency markets. Profit booking in Bitcoin and Ether continued for yet another day and most of the other Altcoins simply replicated a similar selloff,” said Edul Patel, CEO and co-founder of Mudrex.
Bitcoin investors would be on the edge as BTC has again dropped below the $38,000 mark. This drop has led to the addition of several new short positions dragging the markets even lower. We can expect the volatility to continue, he added.
Cryptocurrency investment products and funds posted outflows for the fourth consecutive week, the bulk of which came from Bitcoin products, which also experienced its fourth straight weekly outflow, data from CoinShares showed.
Crypto outflows hit $19.5 million in the week ended July 30, with Bitcoin reaching $19.7 million in outflows. Other crypto and digital investment products such as Ripple and Polkadot, however, did show minor inflows for the week.
Tech View by ZebPay Trade Desk
Uniswap (UNI) has been a key beneficiary of the rally that has taken place in the marketplace over the past 2 weeks or so. So far, approximately $1bn in lifetime fees have been generated on the protocol, making it the highest generating DeFi protocol ever.
Even as the asset fell by close to 70% from its highs during the mid May sell off, Uniswap volumes have shown 40x year-over-year growth, and around 900x since January 2020. At the time of writing, just above $6bn is locked into the pool, making it one of the largest DeFi liquidity pools in the market.
The moving averages completed a bullish crossover and RSI suggests that UNI is closing in on the overbought zone, implying that buyers are currently dominating. Uniswap, after taking support around the previous low of $13.9, surged almost by 65% from $14.02 to $23.22.
Post this rally, the asset is facing stiff resistance around $23.50 and made a ‘Spinning Top’ candle in an uptrend indicating indecision. Technically, Uniswap has made a ‘Double Bottom’ or a ‘W’ pattern with the neckline of $23.5. If the breakout or close occurs above the neckline with good volumes then it may further rally upto the next resistance.
Support: $18.5, $13.9
Resistance: $23.5, $30
Time is in UTC and the daily time frame is 12:00 AM – 12: 00 PM UTC
(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.)