New Delhi, India: On Wednesday, major cryptocurrency returned to the green, as focus shifted away from Bitcoin and toward altcoins. The majority of them made up for their weekly loses.
Except for Bitcoin and dollar-denominated stablecoins, the remaining seven of the top ten cryptocurrencies traded higher around 9.30 IST. Bitcoin investors recorded profits, while Binance Coin and Polkadot soared to 13%.
The worldwide cryptocurrency market capitalization grew by 1% to $2.31 trillion from the previous day. The overall crypto market volume, on the other hand, decreased marginally to $105.18 billion.
“While the market has exhibited a range of emotions, BTC has been on a tear over the last week. That said, we will monitor the market for the remainder of the week,” stated Sharan Nair, Chief Business Officer, CoinSwitch Kuber.
Bitcoin is on the verge of a push into its all-time high, rising more than 90% since the July low. According to estimates, Bitcoin might reach new all-time highs of roughly $80,000 to $85,000.
Following Bitcoin’s secular run, cryptocurrency markets have seen healthy volumes in major altcoins, according to Edul Patel, co-founder and CEO of Mudex. “Numerous exchange tokens performed well, and it has never been more critical to invest in themes,” he noted.
The emergence of Bitcoin could be a factor in the current slump, according to Hitesh Malviya, founder of itsblockchain.com. “Sales of NFTs are increasing in China. Chinese cryptocurrency millionaires identify.
ZebPay Trade Desk’s Tech View
The OMG network, formerly known as OmiseGo, is a layer-two scaling solution for the Ethereum blockchain. Since OMG Network is a scaling solution, it enables users to transfer ETH and other ERC-20 tokens considerably more quickly and cheaply than they could via direct transactions on the Ethereum network.
OMG is a native utility token that serves as a payment option for network costs and will eventually uses for staking to protect the network in exchange for incentives. The token is limited to a set total supply of 140,245,398 units, all of which coined and placed into circulation. It is now ranked 59th with a market capitalization of $2.2 billion.
OMG has been in a rise over the last three months, gaining nearly 498 percent. The asset broke out above the parallel uptrend channel and surged to $18.2. It encountered heavy resistance and fell about 30% after forming a ‘Doji’ candle at the peak.
OMG has found support around $12.45 (38.2 Fibonacci Retracement Level) and has begun to build a ‘Higher Top Higher Bottom’ pattern. We might anticipate further gains if the asset breaks or closes above the previous high of $18.2.