Solana, Ethereum, XRP, and Carndano all fell 1% today. New Delhi, India: On Friday, the cryptocurrency market was nearly flat as investors grew. Wary of the hazardous asset class. Investors’ problems have been exacerbated by global market volatility.
At 9:30 IST, the top 10 cryptocurrencies were trading in a variety of patterns. And had made little progress since the previous day. Bitcoin, Binance Coin, and Polkadot were among the cryptocurrency coins that made it to the top of the list. Meanwhile, the prices of Solana, Ethereum, XRP, and Carndano all fell by one percent.
In comparison to the previous day. The total value of the global cryptocurrency market was virtually unchanged. Up to $1.92 trillion, which is a modest amount. According to a similar trend, the total cryptocurrency market volume dropped by about 12 percent to $82.83 billion.
This week’s bitcoin market has been quite volatile, especially in the previous 24 hours. The CEO and Co-Founder of Mudrex, Edul Patel. He also believes that the markets are expected to remain volatile for the next 24 hours.
Cryptocurrencies Continue to Flourish
Despite the regulatory tightening that took place in China earlier this week. According to the CoinCX Research Team, cryptocurrency is still thriving.
“While tokens like Avalanche (AVAX) and Solana (SOLAN) benefited from the September decline. Other tokens, such as Avalanche and Solana, did not (SOL). The constantly shifting market has highlighted the volatility of cryptocurrencies. By causing them to soar 52 percent and 23 percent, respectively. In addition to its continuous development, “It went on for a while.
On October 31, Bitcoin, the world’s first digital currency, will celebrate its 13th birthday. Since Satoshi Nakamoto, the pseudonymous author of the Bitcoin white paper, has been around. Cryptocurrency was developed on the basis of blockchain technology. Has come a long way since its inception.
ZebPay Trade Desk’s Tech View
This week, the cryptocurrency market has lost over 60% of its total market capitalization. The top two digital commodities, Bitcoin and Ethereum, have both given up significant gains. It has since reached its all-time high in December 2017. (ATH).
Dominance in Market Capitalization
The total market capitalization is $1.41 trillion.
Bitcoin has a 46.2 percent market share.
At the moment, Ethereum has a market share of 17.2 percent.
Prospects for Technical Development
In the short term, BTC could enjoy a relief rebound above $36,000, but it should encounter resistance near $42,500. Bullish patterns form when the price of gold rises over the resistance level of $42,500.
Following the most current dip, the Bitcoin charts have shifted to the bearish side. But there are hints of a reversal, with Bitcoin cooling well below the long-term bullish trendline, and a fall back close above the $36,000 barrier will signal that the correction has been completed.
According to the data presented above, Bitcoin has been identified as the digital asset that is most desired in times of uncertainty.
In addition to the foregoing, the declining open interest combined with a decline in prices is pointing to a relief rally in the near future.