Terra topped the winners with a 14% rise, followed by Bitcoin, Ethereum and XRP, which rose around 2% each.
The global cryptocurrency market capitalization was trading higher at $1.89 trillion, jumping around 2% in the past 24 hours. Total cryptocurrency trading volume soared about 60% to $96.13 billion.
Bitcoin’s 50% decline from November’s all-time high is nothing new and the correction is within historical norms, Morgan Stanley said in a research note titled “State of the Bear Market.”
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Crypto trading exchange CoinDCX has raised $135.9 million from investors led by Pantera Capital and Steadview Capital, doubling its valuation to $2.15 billion in less than a year to become the most popular crypto trading platform. most popular in India.
The overall market has experienced a significant slowdown since early April, with most rebounds being short-lived. Some traders believe that when the US tax sale ends, more buyers will enter the market, the OKX Insights team said.
“Sellers keep a constant check,” he added. “The Waves token closed March with a huge push to break all-time highs, only to give up most of the move in recent weeks.”
The growing popularity of the TerraUSD stablecoin carries some risk due to its reliance on algorithms to maintain its peg to the dollar.
Several U.S. government organizations jointly warned on Monday of the threat posed by cryptocurrency thefts and the tactics used by the North Korean state-sponsored group known as the Lazarus Group.
“Bitcoin, Ethereum and most cryptocurrencies rebounded on Monday,” said Edul Patel, CEO and co-founder of Mudrex. “Terra has become the third largest stablecoin, gaining nearly 14% in the past day.”
Technical view by Giottos Crypto Exchange
Terra, a blockchain protocol that offers global payment infrastructure via fiat-fixed stablecoins, dominates the crypto headlines throughout April. Amid growing interest in his stablecoin TerraUSD and partnerships with popular launch platforms, his coin – LUNA – appears to be beating market sentiment to deliver strong gains after brief dips.
LUNA delivered a very strong rebound from a double bottom at $75, rising almost 20% to $89 in no time. Now, it looks set to claim the 0.382 retracement of the decline around $92.5 followed by the next resistance at $97.5. It is still a long way from the all-time high of $120 hit earlier this month.
With the $75 level becoming critical for LUNA’s price action, there remains the support it must hold. With Bitcoin indicating that it may have bottomed in shorter timeframes, LUNA has the potential to make a run for new highs soon.
Support: $85, $80, $75
Resistance: $92.5, $97.5
(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)