The global crypto market cap jumped to $1.94 trillion, about 3 per cent lower compared to the last day. Also, the total crypto market volume gained 20 per cent to $130.55 billion.
The jump in its value has also brought the target of $100,000 in the spotlight again. Traders on social media and analysts have started projecting Bitcoin’s rise to “the moon” and “infinity”.
Post the London Fork upgrade last week, gas fees on the network have seen a spike, and ETH burn rates have produced close to 800 deflationary blocks, as of yesterday. The network has been witnessing a heavy load since the upgrade took place last week, which has resulted in a lot more gas being burnt, said ZebPay Trade Desk.
“The amount of ETH burned exceeds the mining reward, it results in deflationary blocks being produced and the supply temporarily decreases, which in turn creates an upward price pressure on the asset, though just for a short period of time,” it added.
The spike in gas fees is not attributed to just the hard fork that took place last week, but has also been driven by activities in nonfungible tokens. OpenSea marketplace, Gala Games’ Vox and Axie Infinity are in the top four gas-burning contributors.
A firm specializing in transferring cryptocurrency said on Tuesday that hackers cracked its security, making off with a record-setting haul potentially worth $600 million.
Tech View by Giottus Cryptocurrency Exchange
2021 has been truly a roller coaster ride for Internet Computer (ICP), where it reached highs of around $700 in May upon launch. The ICP network’s objective has been to assist developers create websites, enterprise IT systems, and DeFi applications by “installing their code directly on the public internet.”
Post May, ICP dumped for an extended period all the way to about $27, making it seem like it did a ‘rug pull’ – a typical crypto scam. But lately, ICP has been gaining volume again. ICP will probably see a good rally in the upcoming bull run and possibly break its all-time high.
ICP is making higher highs in the short term, with several big green candles followed by a few short red candles. This setup makes ICP’s movements easy to predict and great for scalping or swing trading. Interestingly, even when BTC wasn’t stable, ICP’s local support held well. As it trades in the $70 range, its next major resistance is a good distance away at $77, followed by $93, where it may experience extended selling pressure.
ICP’s price has seemingly bottomed out and it is bullish. According to the past few breakouts, to find a local low in ICP, investors need to look for a rising wedge in the daily cycle and a possible breakout.
Support: $55.6, $47.5
Resistance: $77.1, $93.7
(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.)